Re-listing Excellent Investment Opportunity
| Listing Information | |||
|---|---|---|---|
| Amount: | $20,000.00 | Status: | Loan created |
| Grade: | C | DTI: | 27% |
| Lender Rate: | 21% | Borrower: | SharperView |
| Finished | State: | UT | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Default | Origination Date: | 2006-08-11 | EricsCC ROI: | -19% |
| Status History | |
|---|---|
| Aug 30, 2006 | Current |
| Jan 26, 2008 | Late |
| Feb 12, 2008 | 1 month late |
| Mar 12, 2008 | 2 months late |
| Apr 12, 2008 | 3 months late |
| Apr 26, 2008 | 2 months late |
| May 12, 2008 | 3 months late |
| Jun 12, 2008 | 4+ months late |
| Jul 09, 2008 | 3 months late |
| Jul 12, 2008 | 4+ months late |
| Dec 29, 2008 | Default |
|
Hello, . I am the owner of a window cleaning company that his been successful in the Salt Lake City, Utah area for about 10 years. I employ up to 16 people during the summer months, and in an effort to retain some valuable employees during our off seasons (winter) I, along with two employees have decided to make some investments in older homes, fix them up a little, and turn them for a profit in a short time. We are three very dependable and reputable people looking for a hand up. We have put away enough money to do most of the remodel on a home that we have offered 245,000.00, but are finding that most lenders want 10% down in order to qualify. The property is a solid investment in a market that is seeing some very rapid property appreciation. We are very confident in this investment and would like to see this method (Prosper) work well for us so that maybe other future relationships can be developed. Thank you for your interest in investing with us After some discussions in forums, I am relisting this listing with some modifications, including an explanation of my "public record", here it is...My public record was a simple oversight on my part. I went to an orthodontist to have a root canal about 9 years ago after I got back from serving a mission in Argentina for my church. The dentist charged me 3800.00 for the service, of which my parents insurance only paid 1800.00. The notices were sent to my parents but I had moved out and was unaware of them. I worked things out and paid the dentist, but my credit was still affected.Just waiting now. HOPE THAT HELPS! Now, for a breakdown of how this money will be repaid: Expenses: 245,000.00 purchase price of home 10,000.00 in modifications 12,000.00 in agent commissions (combined from buy and sell of home) 4,500.00 in expected closing costs for mortgage 271,500.00 in total costs Expected incomes: 4,500.00 agreed seller to repay closing costs 289,000.00 MINIMUM expected sell price of home according to comps of homes in near area (we anticipate a higher price, but for calculations I want to be on the low side) 293,500.00 in total income difference of $22,000.00 Now, I understand that this is not a huge margin, but with an expected turn around of 4-8 weeks, it is a good start for us. There will be some additional costs for Prosper and Prospers lenders, but we see no other signifacant costs. ALL BORROWED MONEY WILL BE PAID BACK AT SELL OF HOME. I allready have 16,000.00 that will go towards modification and commissions, we just need money for down payment. The home loan will be in one of my partners names, so this will not affect my debt to income. I will be personally responsible in making sure that Prosper loans are paid back. We are looking at other great opportunities that we hope Prosper inverstors will be happy to join with us on. I hope this is enough information. Thank you again for considering this listing. Todd |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 26638 | Investment Property Funding | C | $20,000 @ 18% | Jul 25, 2006 | Withdrawn |
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