Real Estate/Prosper
| Listing Information | |||
|---|---|---|---|
| Amount: | $20,000.00 | Status: | Loan created |
| Grade: | B | DTI: | 15% |
| Lender Rate: | 19% | Borrower: | hanniss |
| Finished | State: | CA | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2008-03-06 | EricsCC ROI: | 17% |
| Status History | |
|---|---|
| Mar 05, 2008 | Current |
|
Prosper Community, I am back! I had taken out two Prosper loans in the past two years, the first one for $5000 and the second one for $10,000. I never missed a payment and paid both of them off early. This time, I am applying for a $20,000 loan and I am again offering a relatively high rate of 23% in anticipation that this will attract many bidders and in the end reduce the rate. Purpose of loan: 1. Show more money in our bank account so that we can refinance our properties at more attractive, full doc financing to refinance the mortgage loan on our residence (7.25%, 30 year fixed) and on one of our rentals (rate is 7.5%, 30y fixed). We have used the first Prosper loan to build a mother in law unit (which is a rental) and the second one to acquire another rental (we have two rentals and own our residence which also has the mother in law unit next to it). We have already been preapproved (had mortgage broker fill out the form 10.03, so they can shop for loans) for a lower rate on our Kansas City rental as well as our residence. Current mortgage payments: Residence: $1735 Kansas City rental: $735 California rental: $680 Projected future mortgage payments after refi: Residence: $1480 Kansas City rental:$670 California rental: $550 (we are not refinancing this one as it is a variable rate and the payment is coming down automatically as the Fed has lowered rates) 2. Continue to build track record within Prosperity Community so that we can borrow more and at lower rates in the future. 3. Build my credit history. I am 34 years old and have been married to my wife for 13. We have four children and do not play the "keeping up with the Jones' " game. Our two cars are fully paid, we purchase our kids' clothes and toys at good will store and rarely go out or take lavish vacations. Our goal is to have sufficient investments built up by 2015 that will generate enough income for our family so that I have the option not to work. Our 12-year old son already has a part-time job and puts some money toward household expenses. I graduated Suma Cum Laude with a Bachelor?s degree in Economics from a California State University in 2000 and have since worked as a financial advisor. We currently have around $15,000 in our bank account and would like to show at least $30,000, as most lenders require 6 months or more of mortgage payments. In my 10 years of credit history, I have never had a late payment and neither has my wife. I would like to continue building my credit history and reach AA-rating soon as well as continue to build confidence within the Prosper community. Currently, my rating is a B, but at the upper range of the B (Experian shows 712, as of February 23, 2008). Recent inquiries have shaved off a few points. I will most likely pay this loan off early again, however, I will commit to keep the loan outstanding for at least six months. By the way, I will be attending the Prosper Days on February 25th and 26th in San Francisco. Thanks for bidding! |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 21243 | Mother-in-law | C | $8,000 @ 21% | Jun 22, 2006 | Withdrawn |
| 23139 | Mother-in-law unit | C | $5,000 @ 14% | Jul 05, 2006 | Loan created |
| 115611 | Real Estate/Prosper | A | $10,000 @ 11% | Mar 25, 2007 | Loan created |
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