Short Term Bridge Loan
| Listing Information | |||
|---|---|---|---|
| Amount: | $5,000.00 | Status: | Expired |
| Grade: | AA | DTI: | 14% |
| Lender Rate: | 8% | Borrower: | hammah |
| Finished | State: | NH | |
| Funded: | 0% | Group: | Small Business & Self Employed |
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Purpose of loan: My business partner and I own two rental properties. We bought one in Dec of 2006 and the other in June of 2007. We ended up spending more money than anticipated re-habbing the first property which left us with little cash to get through the winter (we pay for heat on this property). In the spring/summer we have a positive cash flow of $1729 per month on both properties. In the winter however we have a negative cash flow situation from Dec-March. My cash flow analysis (which I can e-mail to anyone if you are interested) is a worst case scenario with a vacancy in Jan and Feb, shows we will need a short term loan of $5,000. I don't think we will have the vacancy as we are currently processing applications to fill it, but I wanted to show worst case. We plan on paying this loan back in August or September. We will be making the loan payments from our own pockets until then. My financial situation: I am a self employed Mechanical Engineer. I have been self-employed since 2003. I have a yearly contract with a major client that nets me $6500 per month (this will be going up to approx $6700 for 2008). I have a another contract which nets another $500 per month. I also have $1050 in rental income from Property 1 (the duplex I live in). I have never been late on any payment, ever. I take pride in making my payments on time and keeping my credit score clean. I have another Prosper loan that is up to date and never had a late payment. Thanks for looking at my listing! Monthly net income: $ 8050 Monthly expenses: $ 7070.59 Housing (mortgage on property 1): $ 1749.64 Insurance (home/auto): $ 175.45 Car expenses: $553 Utilities: $ 400 Phone, cable, internet: $ 300 Food, entertainment: $ 200 Clothing, household expenses $ 50 Credit cards and other loans: $600 Property Tax: $406.51 Income Tax: $2250 Lending on Prosper: $50.00 Prosper Loan #1 $335.99 |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 142251 | Work Truck and Credit Card Payoff | AA | $10,300 @ 10% | May 24, 2007 | Loan created |
| 258971 | Short Term Bridge Loan | AA | $5,000 @ 8% | Jan 02, 2008 | Loan created |
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