Help Me Bridge the Gap for My Business
| Listing Information | |||
|---|---|---|---|
| Amount: | $10,000.00 | Status: | Expired |
| Grade: | A | DTI: | 0% |
| Lender Rate: | 18% | Borrower: | MovingUpMable |
| Finished | State: | NY | |
| Funded: | 52% | Group: | (No Group) |
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Purpose of loan: I will be using this loan to bridge the gap on income for my real estate business as well as take care of expenses as I wait for my commissions to come through. Because I'm fairly new to the real estate industry, I didn't have enough funds in reserves to bridge myself until my next closings and commission checks. This loan will also help me with reserves and cash flow in the short-run. While the real estate market has seen severe declines across America, New York City remains the one area where things are relatively stable. Demand has always exceeded supply and with people continuing to relocate here at record levels, this trend is projected to continue. Can you believe New York City has surpassed Orlando, Florida as the #1 travel destination in America for tourists? Also, my clients are not the wall streeters. I work with everyday people who need a place to live and need my services to find good deals. There are 6 million people that live on this 3 mile wide and 21 mile long island of Manhattan, which means there's always someone needing to find a place. My financial situation: I am a good candidate for this loan because I have excellent credit, have been a member of the Prosper community for over 2 years and have successfuly taken out a loan for $15,000 for my wedding in late 2006 and had an excellent payment history--paying off the loan in full in less than 3 years, with no late payments. It is my intent to pay off this loan early, as well. While I have been licensed for 3 years in the real estate industry, I just started doing the business full-time about a year ago. I have a couple of completed transactions where I will see commissions in mid-October. They are as follows: 1. One condo sale - Commission: $6,779 2. One luxury apartment rental - Commission: $3,550 3. One Studio apartment rental - Commission: $1,200 4. One Studio apartment rental - Commission: $1,175 5. One luxury 1 bedroom apartment rental - Commission: $2,390 6. Two 2 bedroom apartment rentals - Commission: $3,600 I also have several apartments available for sale as well as a townhome available for sale that's $2.49 Million, with seller financing being offered. I plan to move all these properties by Christmas. My business is picking up and the cash will be flowing very soon. I thank you for your time and consideration. While I do understand you might feel you're taking a gamble on a self-employed person who is in real estate (of all industries, right?), but please look at my history and record. I've had an excellent payment record not only with Prosper, but also with all my other financial obligations as evidenced by my credit and I do continue to uphold those track records. |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 74112 | Funding My Miami Wedding | B | $15,000 @ 13% | Dec 14, 2006 | Loan created |
| 234627 | Bridging the Gap to 2008 | AA | $3,000 @ 11% | Nov 19, 2007 | Cancelled |
| 402551 | Help Me Bridge the Gap for My Business | A | $15,000 @ 20% | Sep 22, 2008 | Expired |
| 410943 | Sisters are Doing it for Themselves! | A | $15,000 @ 19% | Oct 10, 2008 | Cancelled |
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