Refi & Monetize Contracted Deal Profits
| Listing Information | |||
|---|---|---|---|
| Amount: | $25,000.00 | Status: | Loan created |
| Grade: | B | DTI: | 29% |
| Lender Rate: | 19% | Borrower: | AssetInvestor |
| Finished | State: | CA | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Paid | Origination Date: | 2006-08-21 | EricsCC ROI: | 18% |
| Status History | |
|---|---|
| Aug 30, 2006 | Current |
| Oct 16, 2008 | Payoff in progress |
| Oct 21, 2008 | Paid |
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Loan: Refinance some existing debts, monetize a future profit that is contracted to materialize in Apr07, and use some cash for current business investment working capital needs. Although could repay within a year, open to the proposed 3-yr term that is offered via Prosper. Would hope this is first of many financings. Personal: Mid 30?s guy that in last few years has experienced some career changes that have resulted in a shift from a typical paid corporate employee to more consulting & investment-focused work, which will result in larger but more ?lumpy? profits, and some start-up investments. The primary issue being that I have utilized credit cards to finance activities before any real excess profits have materialized (but are forthcoming in 2007 under executed contracts). I?ve never been late, delinquent or otherwise slow about paying any obligation. Have two kids, a lovely wife and am building a professional and personal life in the San Francisco Bay Area. Also, obtained MBA and BS degrees, with a focus on Finance & Economics. Credit/Debts/Assets: Although this will reflect poorly on the mathematical ?framework? used to calculate my credit score (i.e. high debt balances), I have utilized credit cards as a kind of interim financing. Refinanced two cars (Range Rover and Maxima) onto the ?3.99%-financing forever? type deals that were offered and also took other low-rate financing deals offered. More appropriate would be to show the asset side of the balance sheet as well. I?d estimate net worth around $350k, but prefer to keep cash tied up in higher return generating assets. Worst case, of course, would use such assets to pay current obligations. Income: Last real ?corporate? job was as strategy & acquisitions VP at a commercial finance company in 2002. Last 5 yrs income has ranged from $150-250k, with larger amount due to bonuses at my ?corporate? job. Future income will include upside or equity-type profits, which will start in 2007 (see Collateral). ?Collateral?: Although this will be an unsecured loan, I think it is prudent to provide some comfort, other than ?I?m a good guy? information. I have a minority equity interest in a real estate deal that is currently under an executed contract and scheduled to close in Apr07. My interest in that is $50k. Further, other current real estate assets of which I am a minority owner are expected to result in an additional $250k of profit to me in future years, likely late ?07/?08. |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 29080 | Refi & Monetize contracted deal proftits | B | $25,000 @ 15% | Aug 04, 2006 | Withdrawn |
| 263464 | Asset Investor Managing Timing | B | $9,222 @ 18% | Jan 11, 2008 | Loan created |
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