Renovation over...but subprime is not
| Listing Information | |||
|---|---|---|---|
| Amount: | $18,000.00 | Status: | Loan created |
| Grade: | A | DTI: | 12% |
| Lender Rate: | 14% | Borrower: | gdtrfb123 |
| Finished | State: | NC | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2008-06-24 | EricsCC ROI: | 13% |
| Status History | |
|---|---|
| Jun 23, 2008 | Current |
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I read about Prosper in the New York Times this weekend. We have recently undertaken a 250k renovation of our house. We began last June (2007) and paid for it with cash, credit card debt and an equity line. Our plan was to do a complete refi of the house upon completion. In the meantime, as you all know, the credit crunch set in. Jumbo mortgage rates are in the upper 8s. My current first mortgage has a 4.25% rate fixed for 5 more years. Instead of doing a refi, I want to repay the debt out of cash flow the over the next few years. The proceeds from this loan will allow me to pay off one of the credit cards in full. Upon doing so, I will take advantage of the 0% balance transfer and move the balance from another card. I will keep doing this among the various credit cards until I get most of the balances at fixed rates under prime. The cash from this loan will allow me to average down the interest on all of my credit card debt (I have a 100k heloc at prime). I expect to have this loan paid in full in less than a year. If jumbo rates do drop below 7%, I will consider a total refi which will allow me to cash out enough equity to pay off all debt. This is my second post. I realized I set my prior request at too low of a rate without enough explanation..sorry to those that bid. I am a good candidate for this loan because I am a private banker with very strong cash flow. I will have the loan paid off in one year or less. I work for a Wall Street Bank and receive my next bonus in February '09. My current gross monthly income is 35k (I will verify to Prosper with pay stubs and W2...last year W2 was higher..."pre sub prime"). I have a few children in private school and just had to pay 36k in tuition on top of summer camp...so cash flow is tight right now. There is no way I will default..or be late for that matter..since a blemished credit record could affect my employment with the bank. If my stock in the bank had not dropped 50% over the past year, I would liquidate a portion of that to deal with this. Also, note that my first credit line was May 1966. I was not born yet in 1966. This must be my father's AMEX of which I had a subaccount during college and grad school. Just wanted to point out that I am not 65yo. I thank you for your consideration and look forward to becoming a lender myself once I get this stuff paid off. |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 350626 | Renovation over with..but not the credit crunch | A | $25,000 @ 17% | Jun 14, 2008 | Withdrawn |
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