Helping Son With Business And Education
| Listing Information | |||
|---|---|---|---|
| Amount: | $4,565.00 | Status: | Loan created |
| Grade: | AA | DTI: | 103% |
| Lender Rate: | 12% | Borrower: | 1bosoxfan |
| Finished | State: | CA | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | 3 months late | Origination Date: | 2008-03-31 | EricsCC ROI: | -69% |
| Status History | |
|---|---|
| Mar 29, 2008 | Current |
| Sep 15, 2008 | Late |
| Oct 01, 2008 | 1 month late |
| Nov 01, 2008 | 2 months late |
| Dec 01, 2008 | 3 months late |
|
Purpose of loan: I am a retired business owner and want to help my with his business related education. By using Prosper I can avoid tapping my retirement account and proceeds from the sale of my home. After going through a divorce my son was left with limited funds and some temporarily challenged credit. However, my credit is excellent, my payment history with Prosper is perfect, and in retirement I have very few monthly expenses. As such, I would like to borrow the money so that he can attend some educational programs that will help him advance his business. This should be a fairly low risk loan for investors. I am completely confident in my son?s abilities as well as my own ability to evaluate his business plan, performance and needs. Here is his story: I originally raised money from Prosper to fund my share of a partnership in a new investment business. The funding was used as seed capital for my financial contribution to the business, a requirement of the partnership. After going through a divorce and some personal matters I was left with few funds and some credit problems, which I am currently correcting. Business has been wonderful and I have been able to take advantage of the volatile markets. However, I am trying to preserve capital, expand the business and grow our investment portfolio. As such, Prosper provides an excellent opportunity. I am seeking to borrow an additional $4,565. This money will be used to enroll me in certain ongoing educational programs that I believe will increase my ability to grow my business. Education is one way to gain a competitive advantage. I am a graduate of the University of California, Berkeley and have graduate degrees in science and business. I have successfully taken a company from a two-car garage start-up to a publicly traded company and have run two additional start-up companies. I am currently a business development consultant in high-tech and have consulted extensively in the biotechnology industry. Further, I have taught business at the graduate level on a part-time basis as an adjunct professor and faculty member. I will begin working fulltime at my business shortly and look forward to this new phase of my life. My financial situation: I am retired, sold my home and I have no debt with very few monthly living expenses. As such, even in a worse case scenerio I am able to support the additional expense of this loan. I have many years of perfect credit to support my ability to repay debt obligations. Monthly net income: $ 2,800.00 Monthly expenses: $ 1,500.00 Housing: $ 500.00 Car expenses: $ 75.00 Utilities: $ 25.00 Phone, cable, internet: $ 150.00 Food, entertainment: $ 350.00 Clothing, household expenses $ 100.00 Credit cards and other loans: $ 50.00 Other expenses: $ 250.00 |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 154301 | Helping Son Start Business | AA | $25,000 @ 14% | Jun 18, 2007 | Loan created |
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