Eric's Credit Community

Hi,

My name is Gene and I am shopping for a loan to provide short term funds for 2 purposes. Primarily this loan will provide funds for updating the lower, full walkout, level of our home. In addition a small amount will be allocated to growing our small hosting business with a 2nd location.

While we could apply for a 2nd mortgage with a bank/lender to acquire these funds, we've decided to look at prosper for a few reasons. For one, our entreprenureal spirit draws us to prosper. We've been involved in the IT/Computer field for more than 10 years and really love the idea and concept of prosper. Secondly we feel its a better option, right now, than financing through a home equity based 2nd mortgage. We actually have larger plans to expand to an additional structure on the property [hopefully in 2008] and want to hold off on any additional mortgages until that time.

We are seeking $25,000 and have a state rate cap. Our annual income from full time employment exceeds $150,000 and income from our  2nd/home based businesses averages $10,000 - $20,000. Except for the mortgage on our home and a home depot card that we utilize for promotional 0% interest & payment purchases, we have no other debt. We have just made the final payment on our family car and have no intention of buying new in the immediate future. We are also willing to provide income and debt documents to the group leader for verification.

We have been planning the updates and changes to the lower level of our home for some time and are now ready to act on our plans. The lower level is partially finished in its current state. The bedroom and bathroom are not going to move from their existing locations and will not require a lot of changes. The 2 car garage [that is being converted] is already fully finished in sheetrock, painted and has overhead lighting.

We've done a good amount of product and price research and have set our project budgets as follows:
 
- Flooring     $ 2500
- Lumber      $ 1500
- Bathroom   $ 4000
- Kitchen      $ 8500
- Electrical    $ 1000
- Walls         $ 1000
                   ------------
Budget         $ 18500

Overbudget   $ 2500 
                   ------------
Total            $21,000

I have also earmarked $4000 to assist with growth of our IT/Hosting Business. We are currently hosting in Boston and would like to expand to a 2nd colocated location.The $4000 would provide for the funds to cover a 12 month contract for power, space and bandwidth.

Thanks for taking the time to review my loan request, and if I can provide any details to assist in your decision making process, don't hesitate to ask.

Best Regards,

Gene