2nd Loan - $20k@15% C 0/0/0
| Listing Information | |||
|---|---|---|---|
| Amount: | $20,000.00 | Status: | Loan created |
| Grade: | C | DTI: | 20% |
| Lender Rate: | 14% | Borrower: | njnoiz |
| Finished | State: | NJ | |
| Funded: | 100% | Group: | Sonic Lenders |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Paid | Origination Date: | 2007-05-16 | EricsCC ROI: | 13% |
| Status History | |
|---|---|
| May 16, 2007 | Current |
| Aug 14, 2008 | Payoff in progress |
| Aug 19, 2008 | Paid |
|
Dear Prosper Lenders, I am back again! Several months ago, you generously funded a $6000 loan when I was rated a E - thank you for trusting in me. Those funds enabled me to bridge some very minor financing issues with an investment property I was working on and facilitated a quicker sale than I was expecting. Hence, I paid off my Prosper loan (and other debt instruments related to that investment). Hopefully, that initial loan proved my credit worthiness to this group. Since that time, I have tried to provide support to my fellow Sonic Lenders (now PAC) members and have my own loan portfolio. Now I am back with an improved credit ranking of C and asking for $20,000 at (my state rate cap) 15%, to invest in a new real estate opportunity. I have purchased a distressed home I am in the process of rehabing. The purchase price was $140k and I intend to sell for $240k. This loan will go toward the rehab work with totals $45k. For those who have been spooked by the pundits, rest assured that the real estate market in the Trenton, NJ area ? between $150-$250k is still relatively strong. As a realtor, I have access to statistical reports about listings and sales in my area. I invite you to review that report for yourself at http://www.exit9online.com/marketstats.pdf. I?m sure you?ll agree that while we are not experiencing the irrational markets of 2004, we are still strong relative to the rest of the country and compared to normalized historical data. I am also making available to you evidence from the Multiple Listing Service in my area, showing me as the buyer's agent, me as the owner according to tax records, and comparable sales of similar homes, further justifying the investment. http://exit9online.com/rehabdocs.pdf In the spirit of full disclosure, I once again expect to pay off this loan sooner than the three term, but will commit to at least one year. My financial situation: My household derives income from my real estate activities as a realtor and investor, I am salaried with at a large insurance brokerage firm in New York City, and my wife provides childcare services from our home. The following is a view of our current budget. A detailed view of my budget is available at http://exit9online.com/budget.htm. My GL, SophTommy00 will be providing a vet to verify my income and ownership of this investment property. He can also vouch for my lending activities and my upstanding involvement in the Prosper community. Please find further discussion at the RML forums and at Prospers.org. Thanks for your time. |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 26486 | Investing in Rental Property | E | $10,000 @ 15% | Jul 25, 2006 | Expired |
| 29437 | Prove myself to Prosper | E | $6,000 @ 15% | Aug 06, 2006 | Loan created |
| 124297 | Back Again - $25k C 0/0/0 @ 15% | C | $25,000 @ 15% | Apr 16, 2007 | Expired |
| 406718 | Back Again - 3rd Prosper Loan | B | $24,999 @ 16% | Oct 06, 2008 | Loan created |
|
Discussion For This Listing
|
||
|---|---|---|
|
No Comments Found For This Listing
|