Investment Properties Loan
| Listing Information | |||
|---|---|---|---|
| Amount: | $12,500.00 | Status: | Loan created |
| Grade: | C | DTI: | 16% |
| Lender Rate: | 16% | Borrower: | grnick |
| Finished | State: | MN | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2007-09-25 | EricsCC ROI: | 12% |
| Status History | |
|---|---|
| Sep 27, 2007 | Current |
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Hello and thanks to all potential investors who view my listing. About Me I own five rental properties consisting of nine total units. I purchased my first property when I was 19yrs old, and have owned it for over 20yrs. I currently work for a large copier company, where I have been employed for over 10 years. For nearly one year, I have also worked part-time for a well-known overnight delivery company. I live with my girlfriend of ten years. She has a good job and is able to cover our living expenses, while I take care of the business. Financial Status I do not have any credit card debt or car loans by choice. My debt is primarily mortgages, with the exception of one credit union loan and car insurance. My strategy is to only have debt that produces an income and/or debt that is related to the upkeep and improvement of the properties. This past year has been a bit of a challenge. My reserves are low due to a perfect storm of challenges that I met head on and resolved, including the up-grading of several units. The up-grading was by choice, but it allowed me to be more competitive in the marketplace ? charging slightly higher rents, and attracting better renters. Credit Status I work very hard to maintain a good credit rating, so I check my scores regularly. My FICO mid-score is currently about 680, but had been higher until two collections from DTE Energy were added to my credit profile. I am currently disputing this matter. In a recent conversation with DTE Energy, I was told that their reporting to Experian was that my account was current. So we are trying to determine why it reads as 120 day late and ?was collection, now paid?. I was mortified when I saw these collections. My credit has not always been good. However, over the past five years I have worked very hard to pay my bills on time. Prior to this mix-up, my Experian score was at 688 ? now at 643. My TransUnion score is currently 698, and my Equifax score is 789. To that end, I hope any potential Prosper Investors will consider me a B risk, as hopefully the unfortunate error with DTE Energy will soon be resolved. Purpose of Loan Two of my nine units are vacant, and require several upgrades, including but not limited to, two energy-efficient furnaces in two separate units. Given past business, I am able to get these purchased and installed at a significantly-discounted rate. In addition to the repairs, this loan will cover a few miscellaneous property-related expenses, as well as provide me with a cash reserve. Repayment of this loan is not a problem and I hope you will find me to be a good loan candidate. I am honest, trustworthy, and hard working ? you will not be disappointed. After expenses that would leave me $ 1,151. to pay back prosper investors. Monthly Net Income: $6,600 Monthly Expenses: Housing $0 Car Insurance:$ 92 Insurance on Properties: $ 240 Car Expenses: $ 140 Mortgages: $ 3,900 Credit Union: $ 77 Water: $ 550 Entertainment: $ 250 Repairs/Maintenance: $ 200 |
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