Replacing Septic Field Left My Funds Drained
| Listing Information | |||
|---|---|---|---|
| Amount: | $3,000.00 | Status: | Loan created |
| Grade: | C | DTI: | 22% |
| Lender Rate: | 13% | Borrower: | Equalizer |
| Finished | State: | MI | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | 1 month late | Origination Date: | 2006-07-17 | EricsCC ROI: | -7% |
| Status History | |
|---|---|
| Aug 30, 2006 | Current |
| Aug 01, 2008 | Late |
| Aug 19, 2008 | 1 month late |
|
I am a lender here on Prosper and I currently have a small need where I can test out the borrowing side of Prosper. I own a couple of rental properties in addition to the house I live in. This spring I needed to replace the septic field at one of the houses and it left my reserve cash fund somewhat drained. Summer taxes are comming up and I need to do some carpeting in another house, So I'd like a little more cash on hand than what I currently have built up. My cash flow is like the tide.... It rolls in and out. I have about 50,000+ equity in the house, I owe about $115,000 and it's worth about $165,000. If it weren't for closing costs being so high, I'd just tap the equity. It is in a very good neighborhood and many of the empty lots are being built up with nice bigger homes like the one pictured across the street. Those houses are in the mid 200,000's and only bring my property value up. People are paying almost as much for a lot my size as I paid for the house. I currently work a full time job in the Machining and Tooling Trades here in the Detroit area. The 3 derogs you see on my file are from when I was 100% self employed 5+ years ago. The industry took a dive for a few years and money flew out faster than it was comming in. I still have a small machine shop business on the side, but work a regular 50+ hour a week job. One is a medical bill, and the other two are paid collections. All 3 total less than $500.00 and have been PAID IN FULL for years. What irks me and makes me a firm believer in Prosper is that Experian wants to grade me as a C. I've never been 30 on 3 mortgages in over 5 years, almost 4 years with GMAC, never late, an installment loan for another vehicle, 3+ years, never late, a computer installment account, never late, VW credit 1 year, never late, I've got $330,000 in mortgages with a perfect record, but 3 small and paid accounts for less than $500, 5 years old makes me a C? Thank you Prosper. I plan on using any remaining funds to continue investing in Prosper. Thank you for your consideration. |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 23219 | Septic field left me drained. | C | $4,000 @ 15% | Jul 06, 2006 | Withdrawn |
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