Business Expansion. Round 2 Funding. It's Working!
| Listing Information | |||
|---|---|---|---|
| Amount: | $12,500.00 | Status: | Withdrawn |
| Grade: | B | DTI: | 0% |
| Lender Rate: | 21% | Borrower: | zealon |
| Finished | State: | MD | |
| Funded: | 0% | Group: | (No Group) |
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I?m posting because of an offer from Prosper saying I was eligible to borrow again. Since I have successfully paid down my first loan there is an additional $19k available. The chance to borrow again couldn?t have come at a better time. PLUS, my grade has improved. INTRO: I am a real estate professional in the Wash, DC ? Maryland area. I have been buying, renovating, selling and renting properties since 2006. My primary focus has been on providing affordable housing solutions to first-time homebuyers and renters. My strategy remains to buy low, fix-up and sell. With current market conditions I have placed more emphasis on refinancing, pulling cash out and placing tenants for monthly cashflow. Utilizing this method (with partners) has increased my portfolio from 1 rental at the beginning to 5 properties going into ?08. The goal is to pickup at least 10 units this year at rock bottom prices. PURPOSE: So far in 2008, we have a 3-unit apartment building in the works. I am requesting the Prosper loan as working capital and ?Round 2? of funding. I would use the money to bankroll current and future projects. As deals close, more cash flows and more buying opportunities present themselves. A portion of the loan will go toward servicing itself. CREDIT: I use private lending to fund deals, along with my own credit cards and HELOC to purchase properties. These balances fluctuate. Will go down and back up. Since I will be 2+ years in ?08, my goal is to establish business credit this year that will free up my personal lines. No DQ?s. INCOME: $10,000-15,000/month. My DTI is misleading because of my income stream. I don't have full doc because of the nature of my business. Paydays are now falling closer to every 45 days. 2008 Projections: Q1 = $25k, Q2 = $50k, Q3 = $50k, Q4 = $75k Combined equity est. at $100-150k. ALSO, earned my real estate license in December 2007. As a Realtor, I project an additional $30-40k in commissions on a part-time basis. EXPENSES: Mortgage: $0 (rentals) Car: $0 (paid for) Credit lines: $2000 (HELOC, credit cards, Prosper #1) Business*: $2000 (mortgages, utilities, insurance, travel, etc) Personal: $1500 (living, misc, utilities) * varies up or down with number of projects in progress. PERSONAL: Mid 30?s and getting engaged. This loan will also free up my own cash and make life a little easier as I stop and finally propose to my girlfriend. She certainly deserves it as she has been my rock, advisor and best friend these past few years as I?ve grown the business. College degree. Love to cook. Passionate about gourmet food and fine wine. Cat named Bubbles. SUMMARY: As mentioned in my first posting, this is a safe loan. Especially now, with growth and as my volume increases. Zero DQ's and no intention of accumulating any. The loan has increased my earning potential and the additional funds will take my business to the NEXT, NEXT level. Still passionate and genuinely enjoy what I do by making a difference. Thanks to Prosper for changing my life and the lives of others. |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 120030 | Finish Rehab and Provide Affordable Housing | C | $6,100 @ 19% | Apr 06, 2007 | Withdrawn |
| 121193 | Finish Rehab and Provide Affordable Housing | C | $7,000 @ 19% | Apr 09, 2007 | Withdrawn |
| 121328 | Finish Rehab and Provide Affordable Housing | C | $7,000 @ 18% | Apr 10, 2007 | Loan created |
| 265446 | Business Expansion. Round 2 Funding. It's Working! | B | $12,500 @ 21% | Jan 14, 2008 | Expired |
| 271922 | RELIST - Business Loan. DTI explained and more detail. | B | $9,500 @ 21% | Jan 26, 2008 | Loan created |
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