Eric's Credit Community

Requested:

An $9,500 loan that will be used for New Home Improvements, I closed this morning on a house in Connecticut. The funds are to be used for: New Appliances $6k, Electrical Work $1.5k, Landscaping 2k.

Just a few days a closing my lender decided that the $10k in ?Seller Concessions? were not acceptable, and I would have to pay all the closing costs out of pocket. This is fine ? except it left me unexpectedly short of $10k I was planning on using to improve the new house ? it was built in 1963, and it is still mostly in an OEM state ? I accepted it as is because the price reflected the condition of the appliances and electrical. While I will be able to save and pay for improvements over time in cash, it will take me some time to replenish my cash reserve, and I have to do that first. Getting this loan would allow me to jump start that process.

I anticipate replenishing my reserves by end of year and repaying my Prosper loan at that point ? so you?re unlikely to get this interest rate forever! I?m listing this at the legal limit in Florida of 18% to maximize interest in my loan (although I certainly hope it gets funded lower, let the mkt decide?), and because I strongly believe I?ll be paying it off early.

Employment:

I am employed as VP of Internet Development at company in Stamford, CT, starting Jan 2004, making a minimum of $125k per year ($120k Salary, $5k Guaranteed bonus, + a small % of revenue and profit sharing). I have been writing software successfully for over 15 years and have not been unemployed a single day during that period. If I were to lose my job in the morning, I have more than one standing offer for employment. In addition, I have an employment agreement that specifies that I get a minimum of three months notice/severance.

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2005 W2?s

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I am 17 months post-discharge from Chapter 7 Bankruptcy. I had a very successful consulting business that was based on Wall Street  but unfortunately business dried up after Sep 11. I went from a substantial income to just my personal billings (a 90% reduction). Not reduced, unfortunately, was a substantial amount of fixed expenses, including a lease at 55 Broad Street (The Information Technology Center, I rented most of the 14^th Floor, right down the street from the NYSE) that I was personally liable for.

Thanks for your consideration.