Investment Project
| Listing Information | |||
|---|---|---|---|
| Amount: | $2,025.00 | Status: | Loan created |
| Grade: | AA | DTI: | 9% |
| Lender Rate: | 7% | Borrower: | WeeseandAssociatesLLC |
| Finished | State: | KS | |
| Funded: | 100% | Group: | Business Owners Cooperative |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2007-11-06 | EricsCC ROI: | 5% |
| Status History | |
|---|---|
| Nov 06, 2007 | Current |
|
Purpose of loan: I would like to combine this loan with my own funds to purchase two stocks ? MPG Ingredients and ONEOK LP. MPG Ingredients will go into my Roth IRA and ONEOK LP (a master limited partnership) will reside in my regular online investment account due to its tax-advantaged status (for normal accounts, not IRAs). Both stocks pay dividends and will essentially pay for the interest charged on this loan over a three year period. I could fund my purchase through my Edward Jones margin account; however, it currently charges a 9.25% variable rate and I would rather have a lower fixed rate through Prosper. I started the bidding at 11% to attract attention but assume it will get bid lower. My repayment plans for this loan depend on the interest rate received and are as follows: 9.25% - 11% - Keep for a minimum of three months. 8% ? 9.24% - Keep for at least a year. 7.99% and below ? Most likely hold for term unless market conditions change. Before considering this loan, I had decided to reduce my own monthly investment from $155 to $80 with the remaining $75 going to a cash account to slowly accumulate funds for the above purchases. However, a buying opportunity has presented itself early and so I would like to buy before the end of 2007 or at least have funds available in case the stocks move out of my target ranges before bidding on this loan ends. Thus, rather than accumulate my $75, I will use it to repay my loan. Financial Circumstances I currently live on my family farm for free, am single, and spend very little on myself. My car is paid for due to the sale a nice investment in Harley Davidson while I was still in Middle School. I currently work semi-full time (not really full time but not really part time either) as an accountant and work with my current online business (which I am looking to sell) as time permits. During tax season, I work full time plus more. Thus, my salary ranges from $1,000 to $2,000 a month depending on my workload. Monthly net income: $1,000 to $2,000 after taxes/investment Monthly expenses: approx. $700 Housing: $0 Insurance: $50 Car expenses: $90 (I live 6 miles from work) Utilities: $0 Phone, cable, internet: $13 Food, entertainment: $125 Clothing, household expenses $0 Credit cards and other loans: $250 Other expenses(Investment currently): $155 Thank you for considering my listing and please contact me with any questions. |
|
Discussion For This Listing
|
||
|---|---|---|
|
No Comments Found For This Listing
|