Work Truck and Credit Card Payoff
| Listing Information | |||
|---|---|---|---|
| Amount: | $10,300.00 | Status: | Loan created |
| Grade: | AA | DTI: | 13% |
| Lender Rate: | 10% | Borrower: | hammah |
| Finished | State: | NH | |
| Funded: | 100% | Group: | Small Business & Self Employed |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2007-06-01 | EricsCC ROI: | 8% |
| Status History | |
|---|---|
| Jun 01, 2007 | Current |
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Purpose of loan: I have a high interest credit card with a balance of $7700 that I would like to pay off. I would also like to buy a plow truck for $2500 which will save $600/year in plowing expense plus possibly generate an extra $800 in income. My financial situation: I am a self employed Mechanical Engineer. I have been self-employed since 2003. I have a yearly contract with a major client that nets me $6500 per month. I have a pending contract that may net another $1000-2000 a month, but the dotted line hasn't been signed. I do have other smaller clients, but they are come and go clients and the income they generate is not consistant. I also have $1050 in rental income from Property 1 (the duplex I live in). I purchased Property 2 in December of last year with a partner. After some initial startup costs in Jan and Feb of this year, the property is averaging $974/month in positive cash flow over March, April and May. I didn't include this amount in my income because that money will get re-invested in the property so that when we refinance in 3 years we will pull the equity out for more properties. I have never been late on any payment, ever. I take pride in making my payments on time and keeping my credit score clean. Thanks for looking at my listing! Monthly net income: $ 7550 Monthly expenses: $ 7134.6 Housing (mortgage on property 1): $ 1749.64 Insurance (home/auto): $ 175.45 Car expenses: $553 Utilities: $ 400 Phone, cable, internet: $ 300 Food, entertainment: $ 200 Clothing, household expenses $ 50 Credit cards and other loans: $ 1000 Property Tax: $406.51 Income Tax: $2250 Lending on Prosper: $50.00 |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 254407 | Short Term Bridge Loan | AA | $5,000 @ 8% | Dec 21, 2007 | Expired |
| 258971 | Short Term Bridge Loan | AA | $5,000 @ 8% | Jan 02, 2008 | Loan created |
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