Aiming Higher 2
| Listing Information | |||
|---|---|---|---|
| Amount: | $18,000.00 | Status: | Loan created |
| Grade: | C | DTI: | 18% |
| Lender Rate: | 27% | Borrower: | thedeacon |
| Finished | State: | IL | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | 4+ months late | Origination Date: | 2007-06-21 | EricsCC ROI: | -49% |
| Status History | |
|---|---|
| Jun 21, 2007 | Current |
| May 07, 2008 | Late |
| May 10, 2008 | Current |
| Jun 10, 2008 | Late |
| Jun 22, 2008 | 1 month late |
| Jul 22, 2008 | 2 months late |
| Aug 22, 2008 | 3 months late |
| Sep 22, 2008 | 4+ months late |
|
Purpose of loan: Hello Prosper Community. I am re-listing my ad and have increased my interest to 27%. My wife and I have been investing in real estate for the past 11 years and during this time, we started a development company. Our company has been blessed to become a part of a joint venture (with 25% ownership) that will involve the re-development of a long depressed midwestern city that sits near Lake Michigan. The Mayor of the city and the city council have recently signed the development agreement with our group and we are expecting our funding to be finalized within the next 60 days. In the meantime, we need capital to pay for soft costs during this process and to rearrange some personal debt. We expect to pay this loan back sooner than the 3 year timeframe upon the funding of the development project, and from the closing commissions of properties we have listed for sale through our company (approx 32 properties currently). I also own several real estate properties with equity that can be used to pay this loan off if necessary. I would prefer however, to work within the Prosper community on this. My financial situation: My credit is not as strong as I want it to be mainly due to some of my early investments in real estate years ago. Some of my deals turned out to be bad investments which caused my credit to suffer slightly. I am however in a much better position financially than I used to be. I am an Investment Sales Consultant with a Fortune 500 Company, I own several rental properties, and I have recently received a signed contract for a major development deal for my small business. It's just a matter of time before the funding will be fully underwritten and released. I truly believe in taking care of my obligations and responsibilities and I would be honored to recieve a loan through this program. Monthly net income: $6800 just from employment income (NOT INCLUDING RENTAL INCOME) Monthly expenses: Housing: $960 Insurance: $ 81 Car expenses: $ 464 Utilities: $ 250 Phone, cable, internet: $ 130 Food, entertainment: $ 350 Clothing, household expenses $ 200 Credit cards and other loans: $ 1200 Other expenses: $ 300 |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 133074 | Real Estate Investor | D | $25,000 @ 15% | May 05, 2007 | Withdrawn |
| 133620 | Aim High! | D | $25,000 @ 25% | May 06, 2007 | Withdrawn |
| 136889 | Aiming Higher | D | $20,000 @ 26% | May 13, 2007 | Expired |
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