Eric's Credit Community - Prosper.com Data & Statistics

Apartment Renovation

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Listing Information
Amount:	$25,000.00	Status:	Loan created
Grade:	A	DTI:	17%
Lender Rate:	12%	Borrower:	krisloti
Time Left:	Finished	State:	FL
Funded:	100%	Group:	(No Group)

Loan Information
Loan Status:	Repurchased	Origination Date:	2007-04-06	EricsCC ROI:	0%

Status History
Apr 06, 2007	Current
Jun 22, 2007	Late
Jul 07, 2007	1 month late
Aug 07, 2007	2 months late
Aug 14, 2007	Repurchased

Dear Potential Lenders

I am a single, reliable and responible manager of a Jewelry store.

I? ve been given an opportunity to buy a small apartment complex, that has sixteen rooms (8-2 bedrooms). I have some life-time savings in my bank account to purchase the property. However, I will need assistance in completely renovating the building before renting the rooms out. My loan approval will decide the purchase of the property.

Occupation: Manager
Length of employment: 5 years
Occupation 2: N/A
Length of employment: N/A

Delinquencies: None

Present Budget

Income: $80,000.00 a year

Pay Check: $6,666.67 a month

Net Pay: $4780.42 a month

Expenses
Loan Payments :$479.00
Mortgage/ Rent: $680.00
Utilities and Gas : $122.00
Car Notes: $156.00
Insurance: $79.00
Credit cards: $20.00
Food : $250.00
Household/misc: $150.00

Total Expenses: $1,936.00 Left Over: $2844.42

Discussion For This Listing

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pwright18 Tue, July 3, 2007
Any idea what is going on with this borrower? Twice Prosper has shown a payment in progress only to have the payment and cross disappear and never hit the cash balance. This is a home owner with an A credit rating. She has only made one payment.

CapitolGuy

Tue, July 3, 2007

Hi pwright18, I'm also an unhappy lender on this loan. I don't have any specific info on this one, but in general I believe that when Prosper posts the "payment in progress" symbol it only means that they are initiating an ACH debit from the borrower's bank account. If it turns out that there are insufficient funds in the account to make the payment or the transfer doesn't go through for any other reason, the payment in progress symbol just disappears. I'm growing very disappointed at the rate at which Prosper borrowers are failing to make their payments on these loans.

shagg77 Fri, July 6, 2007
I too am an unhappy lender... I agree that the default rates seem to be going up. Are there no teeth in Prosper? I have another AA rated borrower who is also faltering. I thought I was safe in the AA to C range, with no defaults, few inquiries, and low DTI. My highest rated borrowers are failing first?!? I think I going to have start limiting the loan amount to under $15k.

EricStratton Fri, July 6, 2007
I have nothing constructive to add. But I totally agree - Very disappointing especially for an A.

ran-ran Fri, July 6, 2007
My SO picked this loan. I remember thinking, "$25k is not going to be enough to get this renovation completed". I think we are in for a BIG disappointment on this one.

routerdog Thu, July 12, 2007
I find it hard to accept that failure to make any payment after the first one can be anything other than intended. It's in collections and I doubt this person will ever pay it back. I should never have lent to a floridian for real estate activity. I'll wager this one goes Bankrupt. 'A' credit. Yeah.

pwright18 Sat, July 14, 2007
Collections at Prosper seem to be worthless. I sent an email to Prosper about all the bad comments on this and other blogs a week ago and never received a response.

jcboxers Mon, August 13, 2007
I received an email saying that the loan was repurchased and that my account was credited for the full amount of the outstanding loan, but my balance does not reflect it. Any one know how long it takes to get the money back in our account?

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