Listing Profile Bid History Loan History

Listing Title


Loan Information
Loan Status: Current Origination Date: 2008-09-12 Payments Made: 3 of 36 Total Payments: $496.85 / $5000.00

Listing Summary

  

Borrower Info
Requested Amount: $5000.00
Lender Rate: 12.00%
Automatic Funding: No
Percent Funded: 100%
Monthly Payment: $166.07
 
Borrower: X2elite
Location: AR
Group: PSS
Group Fee: 0.00%

Credit Profile
Credit Grade: A Homeowner: No Account Verified: Yes Debt To Income: 53%

Extended Credit Data
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Listing Description
Purpose of loan:
I am wanting to purchase a small apartment building (fourplex) to use as an investment property.  I already have the building under contract, and have the biggest part of my down payment already.  However, I am still lacking around $5000.00 towards my down payment, and I am doing whatever I can to save, collect on debts, and anything else to come up with this last bit.  I have this building under contract at a great price, and see this property as a retirement plan, not as as a means of monthly income.   

My financial situation:
I feel that I am a good candidate for this loan because I am financially responsible.  I am still a young man (27 y.o) , and I am wanting to plan for a secure financial future for my wife and myself (been married a little over a year now).  I am a real estate property manager, so managing apartments is what I do on a daily basis.  It only makes sense to invest in something that I feel comfortable and secure with.  My wife is a Full Time Nursing Student, but still works full time as a Pharmacy Technician.   Our combined income is around $80k a year (will go up drastically when my wife graduates from RN school), we live rent free due to my occupation, and we have very little revolving debt.  I have never owned a home, and decided that instead of purchasing a home, I should take advantage of our situation, and look into investment properties.  I am not a scammer, just an honest, hardworking, person who is trying to start planning for a secure financial future early on in life.  They say it takes money to make money, and I completely understand this, I am just looking for that initial boost to get me on my way.  I appreciate you taking the time to read this whether you find my situation, worthy of your investment or not.  Thanks again, our income and expenditures are as follows:

Monthly Income:
$2236 (my income)
$2444 (wife's income)
$2166 (annuity income)
$6846 monthly income

Monthly Expenses:
$0 Rent (provided by my employer)
$90 Electric Bill
$135 cell phone bill 
$120 Cable Television
$590 Jeep Payment
$140 Motorcycle Payment
$232 Vehicle/ Home Insurance  
$200 fuel
$200 Credit Cards (will be completely paid off with my bonus this year)
$500 Entertainment
$500 nursing school cost
$150 towards charitable contributions  
$2857 total monthly expenditures

The property we are looking to purchase will have a Rental Income of $1800 a month for the four units.  The banknote with property tax and insurance will be around $720/month, and I am allowing for $280 a month in regular maintenance (ie: landscaping, cleaning of common areas, etc).  This would give us a monthly profit of around $800.00.  This $800 a month would go into an account to earn interest.  After approximately two years (or more if a major repair was necessary) this account would have a balance of $19,200 plus whatever interest it had accrued.  This account would become the operating reserve.  After this reserve is fully funded the $800/month would go into a self directed IRA as part of our retirement.  Obviously if there were a huge emergency, my wife and I could easily float the bank note, and Prosper payment out of our monthly income alone.  This property will easily pay for itself, and allow us a steady monthly contribution to our retirement fund.