Business Listing - STATE MAX
| Listing Information | |||
|---|---|---|---|
| Amount: | $14,588.00 | Status: | Loan created |
| Grade: | C | DTI: | 15% |
| Lender Rate: | 15% | Borrower: | iwillprospertoo |
| Finished | State: | TX | |
| Funded: | 100% | Group: | Everyday People |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Default | Origination Date: | 2007-06-25 | EricsCC ROI: | 20% |
| Status History | |
|---|---|
| Jun 22, 2007 | Current |
| Jun 11, 2010 | Late |
| Jun 27, 2010 | 1 month late |
| Jul 27, 2010 | 2 months late |
| Aug 22, 2010 | 1 month late |
| Aug 25, 2010 | 2 months late |
| Aug 26, 2010 | 3 months late |
| Sep 25, 2010 | 4+ months late |
| Oct 12, 2010 | Default |
|
ABOUT ME: Christian, married 24 years, 4 children 20 yrs in Law Enforcement and Security,2 -10+ yrs in Real Estate, and Piano Instructor Bachelors - UT Austin BUSINESS LOAN PURPOSE ($14,444 + Prosper fee) [Loan amount decreased due to low STATE MAX Interest rate] Rental property upgrades: $3600 - Property 1 [Paint exterior, security equipment, fencing, energy efficiency] purchased 2005 $4000 - Property 2 [Paint exterior, security equipment, central heat and air] rental since 2003 Listed Business Expenses to be included in monthly rental rates of new leases (starting July 2007) $3960 yr- Rental Property Taxes ($330 per month for 2 properties) 1 YEAR TO BE PAID OFF $360 yr- Alarm/Security Systems Installation ($60 per month for 1 property) TO BE PAID OFF Security Job Vehicle: $1348 balance- Car Loan ($530 per month) TO BE PAID OFF Non-Recurring Billing Fee: $1176 balance- Master Card / Visa Bill Systems Installation/Activation ($98 mo) TO BE PAID OFF FINANCIAL PLAN: These payoffs will yield a positive cash flow increase of $1018.00 monthly. This positive cash flow will be used to repay Prosper loan and recurring business expenses. Personal expenses listed below will be paid from existing funds set aside for these purposes. Plan will assist in increasing investments and credit profile. NET MONTHLY INCOME: ($7707 per month) (All information was verified and documents were sent to Prosper and GL) $4680 mo- Fulltime Job (average net over last 6 months) $500 mo- Part time Piano Instruction (amount fluctuates due to shift rotation) $1400 mo- Off duty Security Jobs (average monthly) $1127 mo- Rental Property Income (2) Monthly Business Expenses: ($1229 per month) $675 mo - Gasoline ($8100 yearly - security jobs) $175 mo- Rental Property Insurance ($2100 yearly - 2 Properties) $110 mo- Business Supplies ($1320 yearly) $229 mo- Landlines, cell phones, and internet ($2748 yearly) $ 40 mo- Alarm monitoring (2 properties) Positive Cash Flow Status: Current monthly positive cash flow-$1160 After loan monthly positive cash flow 1st year $2178 Personal Monthly Expenses: ($4300 per month) $200 mo- Credit Cards (balance $5047.00) TO BE PAID OFF IN 1 YEAR $1750 mo- College Tuition ($17,000 per year - child 2- 1st year complete) $900 mo- Private School Tuition ($9000 per year - child 4- 4th grade complete) $850 mo- Private School Tuition ($8500 per year - child 3- 9th grade complete) $300 mo- Medical Expenses ($3600 includes braces for child 3 & 4) $300 mo- School lunches, clothing, hair care (child 3 & 4) Other Monthly Expenses: (spouse pays) $1890 mo- Mortgage and utilities $500 mo- Food Credit Status: Reported delinquencies occurred during the year that rental property was completely vandalized. All flooring, appliances, copper wiring, and plumbing was removed. For several months, payments for repairs of $20K+ and other expenses were paid out without any rental income, or insurance reimbursement to offset costs. Two accounts were most affected because of the amount of the payments, but both were brought completely current when reimbursements were finally received and property was leased. All accounts are now current. |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 119787 | Paying off debt, increasing investments and credit rate | D | $19,083 @ 23% | Apr 06, 2007 | Expired |
| 130928 | RELISTING- CREDIT GRADE UP & DTI DOWN | C | $24,215 @ 21% | May 01, 2007 | Expired |
| 136942 | RE-LISTED: BUSINESS LOAN AT STATE MAX | C | $18,163 @ 17% | May 14, 2007 | Expired |
| 144112 | Business Listing - STATE MAX | C | $15,000 @ 17% | May 29, 2007 | Withdrawn |
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