Eric's Credit Community

This loan will be used to bridge an unanticipated gap in financing. I am in a period of high asset base and low cash flow. I need to pay real estate taxes, perhaps consolidate some debt, have a little operating cash for a month and probably treat my wife to dinner.

My financial situation:

I am currently what they call ?cash flow poor, asset rich.? The situation is temporary. My wife and I decided to move make a move to the country to raise our children. Moving out of our house in Seattle, gave us a great opportunity to remodel our home before putting it on the market. The trouble is that the contractor took what he promised was a 6 week job and turned it into a 6 month job. We had budgeted to carry two homes for 4 months max! Bad planning on my part! We?ve finally put the home on the market (Seattle has continued as a strong market) but even if we received a good offer today, we?d be 4 to 6 weeks out on closing.

I have been self employed all my adult life so I have no W2?s which Prosper.com uses to vouch for income. The last few years I have typically averaged about $85,000 a year.

Short Personal Bio:

I?ve done well. In my early 40?s I met a woman, we married and in my late 40?s we started a family. I grew up in rural farm country and we always knew we wanted our children to have that experience. Last autumn, in time for school, we moved with our children to a beautiful valley in north central Washington State. We?ve never looked back! Today?s world of internet technology makes it easy for me to continue my work. My wife and children couldn?t be happier with their new home.

Why am I trying Prosper?

Mostly because I could use some cash fast. Also because I?m curious if it can really work. We have applied for a mortgage on our new home which we own outright, we have been assured that there will be no problems, but it is very unlikely that it will close in time to pay the land taxes that are due by the end of April. I?ve maxed my two credit cards and don?t really want to go to friends to bridge me through until either my home in Seattle closes or the new mortgage comes through.

I?m willing to pay what I consider a high rate of return because I need the cash in the next couple of weeks and don?t plan on carrying the loan for more than 6 months.

I am a good candidate for this loan because . . .

I have never knowingly missed a payment in my life. There have been a couple of times I just spaced out or lost a bill. I have an excellent credit rating. If we had checked 4 months ago, the rating would be ?AA? . . . because I?ve maxed my visa, it has dropped down to an ?A?

Though I don?t know how to confirm it on Prosper.com, we have a strong asset base. Our former home in Seattle as a mortgage, but conservatively there is $600,000 equity. We also own 5 other properties in Washington State, all with no liens or mortgages, having a sum of conservatively $700,000 in equity. That gives us a base of assets well over a million.

I?ve worked hard, saved, made some good decisions, been lucky and done well. I just didn?t plan out timing of expenses vs income well for this spring. Our home in Seattle will sell soon, either at the asking price or by lowering it. We?re also selling another lot which will bring in at least $130,000.

Income: approximately $85,000 annually

Current Monthly Expenses:
Mortgage: $2000
Credit Card Payments: $1000
Utilites: $600
Food: $500
Insurance (Auto, Health and Home): $1000
Car Loan: $420
Children's School: $350
Misc: $500
Fun: $400
Note: When the Seattle house sells, the Credit Cards, Utilities, Insurance and Mortgage will drop significantly.

Questions?
I will try to answer honestly <