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Hi! I'm now a part-time school teacher and my husband is a full-time farmer. After teaching full-time for 20 years, I chose to go part-time last year. I reduced my teaching time to help on the farm. My family and I operate a large and expanding livestock farm in Michigan. We custom raise heifers for large dairy farmers in the area. With 3,200 animals on hand, we have a tremendous monthly cash flow. But right now, all our extra cash is going to build a large barn to meet our expanding needs. We recently found a 65-acre parcel of land nearby for sale. The land was valuable development land, but with the poor economy, we can buy it cheap. It is a good investment for us. We need $15,000 for the down payment. We have $11,000, but we still need $4,000. The land is needed to raise more feed for all our animals. Land is very hard to come by in our area. My husband tried to get a loan a couple of weeks ago here on Prosper. It was funded 100% in 2 days. Even though we submitted tax returns and pay stubs from our clients, Prosper said they could not verify his income. So now, I've applied in my name, but both our incomes can be used to easily cover this loan. My net income is $1,500 per month. My debt to Asset ratio is high because Prosper does not calculate in our farm income, yet they figure in the farm debts that are partly in my name. The farm income is $150,000 per month (before expenses), over $1.8 million/year. Local banks are not interested in agricultural loans, so that is why we are trying Prosper. |
