p2p lending at lending club
Business Expansion
Homeownership Verified

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Listing Information
Amount: $20,000.00 Status: Loan created
Grade: AA DTI: 25%
Lender Rate: 14% Borrower: michaelm1
Time Left: Finished State: MD
Funded: 100% Group: (No Group)
Loan Information
Loan Status: Repurchased Origination Date: 2007-08-01 EricsCC ROI: -70%
Status History
Aug 01, 2007 Current
Sep 18, 2007 Late
Oct 03, 2007 1 month late
Nov 02, 2007 2 months late
Nov 23, 2007 Repurchased
Purpose of loan:
(I will be using this loan to expand my current business. I am a mortgage broker and have been in business for 4+ years now. I am interested in expanding by implementing several new campaings with proven sucess rates.)

My financial situation:
(I am a good candidate for paying back this loan, due to my excellent credit history. And having always paid my bills ontime)

Monthly net income: $ 8,300

Monthly expenses: $ 4,431
  Housing: $ 3,462
  Insurance: $ 100.00
  Car expenses: $ 279
  Utilities: $ 100.00
  Phone, cable, internet: $ 60.00    
  Food, entertainment: $ 150.00
  Clothing, household expenses $ 100.00
  Credit cards and other loans: $ 180.00
  
Borrower's Other Listings
172927 Home Improvements AA $20,000 @ 14% Jul 20, 2007 Withdrawn

 

Discussion For This Listing
Mon, September 10, 2007
Anyone else getting a little "toasted" by this?
Mon, September 17, 2007
Since the subprime meltdown, I began to shift away from any borrowers in the housing field. That included realtors, mortgage brokers, flippers, etc. Alas, some of them snuck into my portfolio before the yellow light began to flash. As you can see by his description, he's probably pedalling backwards and our loan is the least of his concerns. Hey, I hope I'm wrong and its just a payment glitch. Live and learn!
Tue, September 18, 2007
I'm annoyed too, as well as been avoiding most housing loans. Sometimes it's hard to find good ones that aren't involved in housing to some extent. But, in general, I'm seeing a lot of AA, A and even B's that don't become active regardless of the reason for the loan. Anyone else seeing this?
Fri, September 21, 2007
I'm eating it like wasabi on a ritz cracker. ouch. is prosper ever going to do something about collections or do we lenders need to start our own company that will do it's freakin' job!? @!#$@#$
Fri, September 21, 2007
Yeah, I'm wondering how well Prosper's verification process is when they're having to buy back so many for what sounds like identity theft. If someone with AA credit doesn't make a single payment, it smells like some kind of fraud somewhere.
Thu, October 11, 2007
@ frontier_dad: I'd like to see that happen. My APY is going to be eaten up by deadbeats even though a larger portion of my loans are to AA borrowers. The collections doesn't seem to move on anything. Feel kinda left hanging. Would love to know what's going on with this michaelm1 and the 5 other late borrowers in my list. I did join Prosper.com to give money away.
Thu, October 11, 2007
I meant "I did NOT join prosper to give money away".
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