Mother-in-law unit
| Listing Information | |||
|---|---|---|---|
| Amount: | $5,000.00 | Status: | Loan created |
| Grade: | C | DTI: | 25% |
| Lender Rate: | 14% | Borrower: | hanniss |
| Finished | State: | CA | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Paid | Origination Date: | 2006-07-17 | EricsCC ROI: | 14% |
| Status History | |
|---|---|
| Aug 30, 2006 | Current |
| Feb 17, 2007 | Payoff in progress |
| Feb 23, 2007 | Paid |
|
Hello, I had this listing on Prosper previously. Several of you had contacted me and gave me some advice regarding making the listing more attractive. So I withdrew the listing and made some changes as to attract more bidders and hopefully not only have the loan fund, but have the rate bid down as well! My wife and I have purchased a home in May 03. It has a garage that we have been in the process of converting into a mother-in-law unit for quite a while. We are almost done, but we need about $4500 to complete the job (we originanlly applied for a $8000 loan, but since have saved up some more funds ourselves). Once completed, we can generate at least $700 in rent, of which we plan to put $600/mth towards the loan. Neither my wife nor myself have any derrogatory information on our credit reports. We have never had a late payment. Also, we are willing to put up one of our vehicles as collateral if an individual lender steps up (not sure if we can convey the title to a group). It is a one-of-a-kind car. It is a 79 Cadillac Station wagon. According to my information, only seven of them had been built that year. We purchased the vehicle in February of 2003 for $14,500. It was owned by an antique dealer and was always garaged and never driven in rain/snow. The leather seats were covered, so there are no cracks in the leather. It has 45,800 original miles (not 145,800). The VIN is 6B69599171082. Another option is for us to put up a real estate note as collateral that we own from a piece of land we sold. It has a face value of $14,000, pays 10% interest and is due in five years. Given that I never had a late payment, I consider my credit grade relatively low. This is probably due to the fact that my credit history is relatively recent. I moved from Europe in 1996 and graduated from University in 2000. So most of my credit is relatively new. Also, we have loans outstanding in conjunction with investment real estate. Further, our debt to income ratio does not look very appealing (see below for explanation). Relatively high debt-to-income ratio: We have two rental properties that negatively affect our ratio. They both have a slight negative cashflow. We expect them to become positive in a year or two, as we will gradually increase the rents (one of them is renting quite a bit below market, but we have excellent tenants there). We also own a piece of raw land, which obviously does not generate any income. My wife and I have a very frugal live style. We shop for used merchandise at Good Will stores and yard sales. We rarely eat out and have both of our cars fully paid for (our other car is a 98 Mitsubishi Mirage, good gas mileage). We rarely take vacations and are working towards increasing our income through acquiring more investment properties in the future. I have worked in the same line of business (financial services) since January of 2000. I have changed jobs once, in July of 2003, and my paycheck is gradually increasing. |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 21243 | Mother-in-law | C | $8,000 @ 21% | Jun 22, 2006 | Withdrawn |
| 115611 | Real Estate/Prosper | A | $10,000 @ 11% | Mar 25, 2007 | Loan created |
| 283775 | Real Estate/Prosper | B | $20,000 @ 19% | Feb 24, 2008 | Loan created |
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