Listing Profile Bid History Loan History
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Listing Title


Loan Information
Loan Status: Current Origination Date: 2008-05-06 Payments Made: 7 of 36 Total Payments: $1110.01 / $4750.00

Listing Summary

  

Borrower Info
Requested Amount: $4750.00
Lender Rate: 11.00%
Automatic Funding: No
Percent Funded: 100%
Monthly Payment: $157.77
 
Borrower: trophymaker
Location: FL
Group: (NoGroup)
Group Fee: 0.00%

Credit Profile
Credit Grade: AA Homeowner: Yes Account Verified: Yes Debt To Income: 0%

Extended Credit Data
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Listing Description
This loan will be used to build a recording studio.  I used to make music on a semi-pro level for about 5 years after finishing audio engineering school.  However about 4 years back I had to switch gears and join ‘the real world’ because music wasn’t cutting it.  I sold off most of my equipment and got into the finance industry but I always thought to myself I will one day have a studio again...  this time in my on home and I can work on my own time!  After setting up a business with a couple partners and securing my financial future I have decided to have some fun again (I’m tired of 60 hour work weeks with no release).  This time it will be a lot less stressful because I will not be relying on my music for my livelihood.  I have a lot of regrets leaving the music business for so long but I am much better off now (I was able to buy a home and new car, etc.), and its better late then never again!  

To do this I will need a new dedicated studio computer, 6 microphones, compressors (to control the dynamics of a signal’s volume), equalizers (to modify the frequency of the signals), pre-amplifiers (to amplify the signals coming from the microphones going into the mixing board), a mixing board (for combining all the audio signals and fine-tuning them), Auralex acoustic treatment (for minimizing the reverberations and echoing caused by small rooms), etc.  I have a small bedroom in my house that is perfect for the studio and the adjoining room already contains my drum set and a few guitars.  I am going to run cabling for the mics from my instruments, right thru the wall (thru a patch panel) into the studio room.  Now when my friends and I get together to jam I can actually record it.  Some of my friends are very talented musicians and I hate that we have actually created some great songs over the last 15 years but they are lost in space.  I also plan on recording other bands as well as doing some music production for commercial use (there is a huge market for this here and abroad).  Maybe I will record the next hit record!   

Following is a Q&A from my last listing:

Q: Hello! I can see that your credit is excellent, and I applaud that. However, you have 26 credit lines for $134,384. Why is this? If you have so much credit, why not just use it to purchase the equipment? -Zaun

A: That figure is somewhat misleading because 100k is a home equity line of credit that I used to purchase my home. I have 26 total credit lines but only 16 open and several of those are small student loans. I suppose I could use a credit card but I don't want to max any cards out as they are more for emergency use. I would rather have a fixed rate installment loan. If my loan does not fund I plan on relisting at a smaller amount and using a card for the difference in my budget for the project. (Apr-20-2008)  

Following is a breakdown of my finances:  

Gross income per month is approx. $17,000:  

Mortgage:                      $2500
Taxes and Insurance:     $500
Automobile:                   $1250
Auto Insurance:             $250
Credit Cards:                 $800
Cell, Gas, Utilities:         $600
Food, Entertainment:      $750  

I firmly believe this Prosper loan will be affordable and very helpful for me to realize my old dream!!!