RELIST - Business Loan. DTI explained and more detail.
| Listing Information | |||
|---|---|---|---|
| Amount: | $9,500.00 | Status: | Loan created |
| Grade: | B | DTI: | 0% |
| Lender Rate: | 21% | Borrower: | zealon |
| Finished | State: | MD | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2008-02-04 | EricsCC ROI: | 19% |
| Status History | |
|---|---|
| Feb 03, 2008 | Current |
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My last listing didn't receive enough funding, Thanks to all who bid. So I'm trying again. Requesting a smaller amount and on the advice of a lender AT MY STATE MAX WITH NO BID DOWN. He also suggests that I elaborate and explain some items: Income/DTI - Prosper will accept settlement statements (HUD-1) showing proceeds. I have two from '07 totaling $50k. Most recent in November. However, I also realized $40k in finders fees on deals I put together that won't show up on HUD's. I am also factoring rental income, and the sale of property that is scheduled to close in Feb. Proceeds from that should be $25-30k. My current project is a 3-unit apartment. It will cost $80k or so, needs $40k in repairs, and has an after repair value of $200-210k. We'll refinance at $160k and pull $25-30k out by May. Each unit will rent for $750-800/month. This property will net cashflow at about $800 a month. I net about $150 a piece on the 5 single family rentals. Bankcard Utilization - From Dec to Jan I have put approximately $15k toward credit cards. Apparently, this is not showing in my current report as of Jan '08. By my count that utilization should be closer to 75%. I have used these cards to fund and build my business. Also, I have to constantly show cash reserves to purchase these properties. Hence the fluctuations. I have paid down balances at times and have had to use them up again. Mine is a capital intensive, volume business. I intend to use the Prosper funds to make more money, get ahead and eliminate those balances. Interest Rate - I will offer this listing to lenders at my state max with NO BID DOWN. Thanks in advance for your interest. ------------------ (previous listing abbrev to 4000 char min) 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. PURPOSE: I am requesting the Prosper loan as working capital. I would use the money to bankroll current and future projects, marketing and operating expenses while renovations are taking place. A portion of the loan will be set aside to service itself. CREDIT: I use private lending to fund deals, along with my own credit cards and HELOC to purchase properties. No DQ?s. INCOME: $10,000-15,000/month. 2008 Projections: Q1 = $25k, Q2 = $50k, Q3 = $50k, Q4 = $75k 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) SUMMARY: This a safe loan. I have ZERO DQ's and no intention of accumulating any. |
| 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 |
| 265428 | Business Expansion. Round 2 Funding. It's Working! | B | $12,500 @ 21% | Jan 14, 2008 | Withdrawn |
| 265446 | Business Expansion. Round 2 Funding. It's Working! | B | $12,500 @ 21% | Jan 14, 2008 | Expired |
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