0/0/0 MN 2nd Loan - House Purchase + Business Opportunity
| Listing Information | |||
|---|---|---|---|
| Amount: | $10,500.00 | Status: | Loan created |
| Grade: | B | DTI: | 40% |
| Lender Rate: | 12% | Borrower: | TheSpecialOne |
| Finished | State: | MN | |
| Funded: | 100% | Group: | Thinking Man |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2007-11-14 | EricsCC ROI: | 9% |
| Status History | |
|---|---|
| Nov 14, 2007 | Current |
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Hello, Prosper adding a 2nd loan option comes at a great time for me, especially since MN loans are no longer crippled by rate caps. I am currently working on a new business venture with a partner. I also have an opportunity to purchase a house at a steal, we are looking to take our honeymoon in January (married in May), and to add liquidity to my credit card payoff plans. I will detail some of this below, along with a recap of my details from my prior listing which is still active. I work as a Library Technician at a mid-sized Midwestern University. As you can see I value my credit rating and have no late payments ever. I have also lended on about twenty loans now here at Prosper, Lending Stats currently puts my Estimated ROI at 12.99%. If you have ANY questions or concerns shoot me a private message. As a member of the Thinking Man group I provided RipTide with vetting information for my 1st loan. Although our GL is MIA you can see that the TM group to this day has zero late payments. We are premium borrowers. The business venture we are working on is going to blend new and traditional technologies to provide the residents and visitors of the Driftless region a breadth of resources at a level of quality never before seen in our local market. We love the area, and there are some people trying to do some of this but they it very poorly. We believe there is a huge untapped market for this, and at the same time we will help the area and businesses grow. My partner comes from a media/radio background and will lead the creative drive, while with my technical background I will work on the back and stuff as well as the selling. If you'd like more information on this, I can talk about some of it over on the TM forums, although I don't want to give anything away. The amount of money needed is flexible, we are looking to start from the home office setting minimizing costs, but still money will be needed to buy some software and supplies. It may make sense as well for us to establish a physical, visible office presence sooner rather than later, and the liquidity to do that is important. I have included a picture of the house. This house has come onto the market at only $40k and is worth twice that. It is a foreclosure that is a steal based on the condition and size of the house. The rural market the house is in doesn't have high home values but this home is worth twice that asking price at least, and the plan is for my wife and I to live in it for a couple years and then rent it. This loan allows me to put down 20% instead of 5% giving me a better rate. Honeymoon is pretty self explanatory. Looking to visit Florida, Disneyworld, The Keys, Kennedy Space Center, and Tarpon Springs. The Credit Cards. I have left $2500 on my Juniper Apple at 3.99 for life. I will probably leave that one there. $1500 on my Shell at 3.99. I think this is for life, but they started charging me a yearly fee, I would rather just dump this one. $3800 on my Citi at 0% for 10 more months. I would like to have the money in the bank to pay the rest of that off then, this loan would allow for that. I also have $900 on a Citi Ashely card, but that is 0% through 2009 and I have already budgeted the monthly payments to have it paid off. So there you have it. A multi purpose loan, that coupled with my other Prosper loan will put monthly payments at $400 a month. I anticipate holding this loan for 12-36 months, I would guess most likely 24 months right now but it may get held for the duration, depending on what the final rate ends up being. |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 1181 | Consolodating College Credit Card Debt | B | $9,297 @ 8% | Mar 04, 2006 | Withdrawn |
| 1235 | Consolidating College Credit Cards | B | $9,297 @ 8% | Mar 05, 2006 | Withdrawn |
| 1320 | Consolidating College Credit Card Debt | B | $9,300 @ 8% | Mar 06, 2006 | Withdrawn |
| 1935 | MN Sucks, but I'll make sure you still win with my loan! | B | $9,300 @ 8% | Mar 13, 2006 | Expired |
| 16330 | Time for an upgrade | B | $1,000 @ 8% | May 28, 2006 | Expired |
| 56416 | Consolodate High-Interest Debt | B | $9,000 @ 7% | Nov 02, 2006 | Expired |
| 86046 | 0/0/0 @ MN Rate Cap - Refinance US Bank Credit Card | B | $4,500 @ 7% | Jan 17, 2007 | Expired |
| 90541 | RELIST 0/0/0 @ MN Rate Cap - Refinance US Bank Credit Card | B | $4,000 @ 7% | Jan 29, 2007 | Withdrawn |
| 94749 | Thinking Man Loan -0/0/0 At Minnesota Interest Rate Cap | B | $2,000 @ 7% | Feb 07, 2007 | Loan created |
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