PREPARING FOR MY NEXT MOVE (ACTIVE PROSPER LENDER)
| Listing Information | |||
|---|---|---|---|
| Amount: | $3,062.00 | Status: | Loan created |
| Grade: | C | DTI: | 21% |
| Lender Rate: | 14% | Borrower: | 42bcd |
| Finished | State: | MI | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2008-02-20 | EricsCC ROI: | 11% |
| Status History | |
|---|---|
| Feb 18, 2008 | Current |
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Purpose of loan: Thank you for taking the time to review my loan request. This loan will be used to consolidate a Lowe's card ($2,000 @ 22%) and a Line of Credit ($1000 @ 16%). As a lender myself, i understand in the case of consolidations there are worries of paying off credit and then charging it right back up, so i will explain the debt. the Lowes card is from reflooring my rental unit. In the kicthen and bath i had CVT installed, thats the industrial tiles you find in your stores. the intent is for it to last 10-15 years. through out the house a medium-dark shade of burber put in, with a plan for it to last 5-10 years. the LOC (in my wifes name) is from almost 5 years ago when went to Vegas to get married. no, we did not elope, it was planed with helocoper ride and dinner on lake tahoe. it was beautiful but it did cost us. we have used it one other time in the last 5 years to consolidate in mid 2005 in preperation to refinance our house into a fixed rate (now rental). The numbers and my plan goes like this. Two weeks ago i payed off a signiture loan (i learned even if your truck is payed off its best to carry full coverage) and with the pay off of these two debts we will have $400 in extra cash flow(in the over all family budget). my wife and i are trying to build our cash reserves up so we can buy more investment properties. we feel that in 2009-2010 we are going to be able to add 2-4 more properties when the market is truly at the bottom or starting its up swing. if your wondering about $5,500 in revolving credit, the rest is a Disney Rewards card that we charge through the month, collect the intrest in our money market acount and then pay it off before intrest is charged. its our vaction we are planning for in 3 years. Quick Resume: 2007-started our first rental 2002-present: transfered to building maintenance worker-specializing in plumbing 1999-2002: worked as a printer/machine maintenance person for large municipal 1995-1999: Shipboard electrician US Navy In High school I worked with a landlord fixing units and other odd jobs Monthly net income: Wages: $2250 RENTAL UNIT:$775 Monthly expenses: * wife pays half $868*-2 mortgages $250-Gas/Insurance (I own my truck) $197*-Utilities/Phones/Internet $250*-Food and Supermarket bills $100-Credit Cards/loan (budgeting for prosper loan to get below 14%) $100-Entertainment $1765 Total Expenses $1260 cash flow |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 153746 | BRIDGE LOAN UNTIL THE CAPITAL FLOWS (ACTIVE PROSPER LENDER) | C | $2,500 @ 13% | Jul 26, 2007 | Loan created |
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