Consolidate loan, finish remodel, increase income (DTI =18)
| Listing Information | |||
|---|---|---|---|
| Amount: | $22,400.00 | Status: | Loan created |
| Grade: | AA | DTI: | 35% |
| Lender Rate: | 12% | Borrower: | GrowthAspirations |
| Finished | State: | OR | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2007-08-21 | EricsCC ROI: | 9% |
| Status History | |
|---|---|
| Aug 27, 2007 | Current |
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Purpose of loan: This loan will put me in a very good financial situation and will free my mind and time of a year long home project. Proceeds will be used to pay off my car ($14,000) and complete a 2 room 500 sq ft addition to my home that I started with personal savings and have slowly been completing in my spare time. I am anxious to get the project done so I can start collecting rent from the additional space. With the loan proceeds, I will be able to hire outside help to get the last phase completed in a timely fashion (the last phase includes: flooring, doors, staircase, paint, finish work and a few misc items). A roomate will bring in about $400 a month. The value created by the finished space will also give me enough equity in my home to refinance and lower my monthly payment by $360 a month. My financial situation: As you can see from my credit rating and lack of consumer debt, I take my financial responsibilites and credit very seriously. This comes from 14 years experience in financial services, the last 4+ of which have been my own company. The prosper loan payment will be easy for me to make because the new loan payment is not much more than my current car payment: $719 car vs. $787 for prosper. My car payment may seem high to some, but that is because I wanted it paid off in a short time frame. In reality, I am trading my car payment which has just a little less than 3 years left, for a 3 year prosper loan with about the same payment - except I get the benefit of my remodel project finally getting completed, a lower house payment, and additional income from rent. This all works out to a $700 a month cash flow improvement for me and a secure loan for the prosper community. After the prosper loan my DTI will be 18%. I look forward to doing my share to contribute to the wonderful things accomplished via the prosper community. Thank you for your time and consideration. Monthly net income: $ 4333 Monthly expenses: $ Housing: $ 1560 ($1200 after refinance) Insurance: $ 100 Car expenses: $719 ($0 after prosper loam) Utilities: $ 175 Phone, cable, internet: $170 Food, entertainment: $ 400 Clothing, household expenses $200 Credit cards and other loans: $ 0 Other expenses: $ 0 New prosper loan: approx $787 My disposable income after the prosper loan payment will be $940. It will then increase to $1640 when the remodel and refinance are done and rent starts coming in approximately 2 months. |
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