Prosper lender to Rehab 2 homes
| Listing Information | |||
|---|---|---|---|
| Amount: | $20,200.00 | Status: | Loan created |
| Grade: | A | DTI: | 19% |
| Lender Rate: | 12% | Borrower: | crafty |
| Finished | State: | CA | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Paid | Origination Date: | 2007-04-11 | EricsCC ROI: | 11% |
| Status History | |
|---|---|
| Apr 11, 2007 | Current |
| Apr 16, 2008 | Payoff in progress |
| Apr 19, 2008 | Paid |
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I am a Prosper lender owning homes in CA and WA, in the processes of remodeling 2 at the same time in both states (a little bit of the cart before the horse). The money is going to rehab two properties. I have a little experience with rehabbing and lot of experience in the repair and fabrication fields. I expect to sell the CA house upon completion and rent the other, this cash flow will be many times the loan interest. The pictures is one of the properties. The CA house is 85% completed, I don?t really need this loan to finish the remodel but will speed up so I can finish by this spring. 10,765 Landscaping 6,267 Car port and Awnings 3,000 Carpets and Flooring Paint and Misc. WHY I AM NOT USING BANK: The banks want to charge me $3-4K in fees (processing and point, etc.) for this loan and have early pay off fees. I don't mind paying $3K in fees for a $300K loan, but not on a $20k loan (that?s like paying 15 points!). As a Prosper lender, I know it?s simply more economical to use prosper. I am probably one of the top qualified borrowers on prosper, so I should fund fairly quickly and get a good market rate. |
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