Closer to Home
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|Loan Status:||Paid||Origination Date:||2007-06-13||EricsCC ROI:||11%|
|Jun 13, 2007||Current|
|Apr 10, 2010||Payoff in progress|
|Apr 16, 2010||Paid|
We had to withdraw our last loan request ("We Flip It, You Profit") due to delays in the closing process on that investment property. It's still going to happen, just on a different time line, and we'll fund the rehab through our bank. Such is the real estate investment business. But we still like the Prosper.com concept a lot, so we're turning our attention closer to home.
Thank you for taking the time to read my loan request! I am a self-employed sports publisher and have been for going on five years now after about 15 years working in various forms of commercial media. My current gig is a dream job in every way from the scope of work to the compensation to the freedom and flexibility. My wife and I have successfully renovated one personal residence (purchased for $38k, sold for $85k) and we?re working on our second right now. We owe $77k on the property and after completing the next phase (to be funded by the Prosper loan), we will refinance for - conservatively - $130k.
This loan will cover the second of three phases of our home renovation project. We've paid cash-as-we-go up to this point and now we'd like to borrow to accelerate completion of the second phase. It will include completely re-doing two bathrooms and making necessary repairs and improvements to two other rooms (master bedroom and family room) and the foyer. This would include new lighting, new electrical wiring, plaster and drywall repair, new windows, flooring and painting. Our budget is $8k for the master bath, $6k for the kids' bath and $8k for the rest. This loan will cover that with an approx. 10% margin for cost overruns (as if those ever happening when renovating!)
Monthly Income ($6300)
My Net Income: $5500
Spouse's Income: $800
Monthly Expenses ($4870)
Credit Cards: $670
Car Payment: $396
Please let me know if I can answer any questions. We look forward to being Prosper.com borrowers for the first time with this loan.
|Borrower's Other Listings|
|140531||We Flip It, You Profit||AA||$15,000 @ 14%||May 21, 2007||Withdrawn|