Great Value for Lenders
| Listing Information | |||
|---|---|---|---|
| Amount: | $11,000.00 | Status: | Loan created |
| Grade: | D | DTI: | 10,000% |
| Lender Rate: | 21% | Borrower: | paradraft |
| Finished | State: | TX | |
| Funded: | 100% | Group: | Rich Uncle |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Paid | Origination Date: | 2007-04-27 | EricsCC ROI: | 20% |
| Status History | |
|---|---|
| Apr 27, 2007 | Current |
| May 01, 2010 | Payoff in progress |
| May 11, 2010 | Paid |
|
I have a Bachelor of Architecture degree from the University of Texas at Austin, experience working for one of the top mixed-use and urban design firms in the Southeast, and I am starting a business in the central Texas area that takes advantage of my experience and the continuing increase in local population. My company designs and builds homes, and business is good here because the fundamentals are here. While nation-wide construction companies are struggling, Central Texas is still doing well because it is largely a personal residence market, prices are not over-inflated, and people are moving to the area in large numbers, increasing demand. I would like this loan to help grow my business and maintain healthy cash-flow. In my industry, income is sporadic and in large chunks, so additional cash is helpful to smooth things out. Although in its first year, my business venture is already producing positive results. There is pent-up demand for both design commissions and built homes. My current monthly budget is as follows: ($1600) Credit lines and Fixed (Monthly payments) ($725) Aurora and GMAC (Mortgage) ($80) University Federal Credit Union (Student Loans) ($1950) Investment Property (Mortgage) ($540) Investment Property (HOA) ($250) Utilities ($60) Cable and Internet ($120) Phones ($120) Health Insurance ($133) Car Insurance (car paid for) ($300) Office space and signage lease Total expenses: ($5878) $2600 Investment Property (Tenant Rents) $5000 Profit from sale of Homes $1500 Income from Design Commissions Total Revenues: ($9,100) I have listed for loans on Prosper before, but it didn?t work out. Perhaps I was listing for too large a loan, or maybe I did not explain my situation clearly enough. I hope to have remedied that situation with this application. My credit score was quite high before I started these businesses, as you can see I have no delinquencies, missed payments, late payments, bankruptcies, or public records. My credit grade has been recently lowered apparently due to the high utilization of my available credit, over 75%, which was required to fund my businesses. As the business grows, I expect to reduce this utilization greatly. Still, with my spotless record and determination to keep my obligations and pay my loans on time, I am a great choice for prospective lenders. I have also started the interest rates at the maximum limit in order for the Prosper bidding process to work to its full effect. I am hoping for you to fund the loan early and bid the rate down to the true market level. Thank you for your kind consideration. |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 23705 | Buying Rental Property in Central Texas | B | $25,000 @ 12% | Jul 09, 2006 | Withdrawn |
| 23904 | Buying Rental Property In Central Texas | B | $25,000 @ 12% | Jul 10, 2006 | Withdrawn |
| 33252 | Buying Rental Property In Central Texas | D | $3,000 @ 12% | Aug 22, 2006 | Expired |
| 93640 | Waiting for house to sell | D | $9,000 @ 19% | Feb 05, 2007 | Cancelled |
| 105453 | Money Crunch | D | $23,000 @ 29% | Mar 02, 2007 | Expired |
| 107122 | Low Risk-High Return | D | $23,000 @ 29% | Mar 05, 2007 | Expired |
| 110265 | Waiting for House to Sell | D | $14,000 @ 29% | Mar 12, 2007 | Expired |
| 417799 | Architect paying off debt | D | $7,500 @ 25% | Sep 21, 2009 | Expired |
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