Helping Mom buy her retirement nest
| Listing Information | |||
|---|---|---|---|
| Amount: | $10,800.00 | Status: | Loan created |
| Grade: | B | DTI: | 23% |
| Lender Rate: | 13% | Borrower: | Lounge9 |
| Finished | State: | CA | |
| Funded: | 100% | Group: | 1st and BEST for Loans |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2007-08-21 | EricsCC ROI: | 10% |
| Status History | |
|---|---|
| Aug 21, 2007 | Current |
|
Purpose of loan: Hello, I am an active lender on Prosper and am now calling out to the community to help in my time of need. The reason I'm requesting this loan is to provide a better foundation for me to help my Mom into a house so she can comfortably live out her retirement years. I am entering into a partnership with my brothers and sister to buy her a home that she cannot otherwise afford. My father's recent passing, the deterioration of my Mother's current neighborhood (trailer park), and the surplus of suitable housing supply in the west suburban Chicagoland area have created a viable, yet urgent opportunity for us kids to help our mother and improve her quality of life. unfortunately, the moment is not as timely for myself as I am recently engaged and saving for a wedding, living and renting in San Francisco, and in the process of trying to clear debt to clean the slate for the future for my fiancee and I. My brothers and sister are much more financially prepared to take on the expense of helping my Mom. I need and want to help my siblings and my Mom. If I were not to enter into this partnership the remaining three kids would be stuck with another $100 a month to cover the portion I would provide. My portion is $300 a month. The amount of the loan I'm requesting is for that amount for the three years of the loan. I will take the money from the loan to pay off higher rate credit card debt in order to free up more of my leftover monthly income to give my Mom and my wedding fund. I have been able to save about $700 a month into my wedding fund, with a goal of $7,000 by February '08. By the time I've paid off this loan I will be well on my married and professional way. I've been self-employed for the past five years, just recently taking a full-time job in order to stabilize my income in preparation for marriage and to learn new skills in my field that I wouldn't otherwise learn as a solo operation in my home-office. My financial situation: My income listed below is just the income from my full-time job. I still maintain the sole proprietorship, but it is scaled down to part-time. The income from that has grossed an extra $20,000 so far this year. Monthly net income: $ 4800 Monthly expenses: $ Housing: $ 1050 Insurance: $ 20 Car expenses: $ 100 (Gas for Fiancee's car, Payments/Insurance expenses covered by her) Utilities: $ (Included under Housing, in a roommate situation and I get one big bill for everything from my master tenant) Phone, cable, internet: $ (Included under Housing) Food, entertainment: $ 800 Clothing, household expenses $ 80 Credit cards: $ 1450 Student loans: $ 400 Left over: $900 With this surplus, I've been saving $700 for my wedding fund. Although, I have plenty of left over to cover the $300-portion of my Mom's house payment, that $300 house payment would affect the wedding savings, which in turn means I would have to borrow more for the wedding, creating more debt for me later on. This loan would help greatly to keep my goal on track and allow me to help my family. |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 183224 | Helping Mom buy her retirment nest | B | $10,800 @ 19% | Aug 08, 2007 | Withdrawn |
| 378936 | Refinance Current Prosper Loan | B | $8,000 @ 15% | Aug 06, 2008 | Withdrawn |
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