Listing Profile Bid History Loan History

Listing Title


Loan Information
Loan Status: Current Origination Date: 2008-09-26 Payments Made: 3 of 36 Total Payments: $731.10 / $7000.00

Listing Summary

  

Borrower Info
Requested Amount: $7000.00
Lender Rate: 15.50%
Automatic Funding: No
Percent Funded: 100%
Monthly Payment: $244.37
 
Borrower: Bonzo1966
Location: MN
Group: (NoGroup)
Group Fee: 0.00%

Credit Profile
Credit Grade: A Homeowner: Yes Account Verified: Yes Debt To Income: 52%

Extended Credit Data
Extended Credit Data is viewable by registered users only. Please login or register now.

Listing Description
Purpose of loan: 
I was divorced since my first Prosper loan and now have a beautiful daughter with my fiance.  I have one more payment to make to my ex- and need to contribute a lot to my upcoming wedding, since her family can't contribute much.
My financial situation:
This will be my second Prosper loan.  I have not missed or had any late payments on the first Prosper loan.  I am making regular payments well in excess of the minimums on my other debt.  I have over $120,000 in assets in reserve.  I would prefer not to use them for tax reasons, but in a pinch they can be drawn upon to pay debt.  I own my home and make the mortgage payment.  I have never had any late payments!  I have recently remodeled the first floor, updating the kitchen and bathroom, which added some debt.  My fiance is moving in with me this month and we will be renting out her home.  This will put us in a cashflow positive situation and provide enough funds to pay the Prosper loan. 

In addition to my salary, which is in the middle of the range listed, I receive an annual bonus at the end of the year.  In 2007 it was $18K.  I can verify with a W-2 if necessary.  Given my employer's performance so far this year, I am anticipating it will be $20K - $40K this year.

I have a significant investment in a startup company for which products are now for sale in specialty stores and on the internet.  Half of my share was awarded as compensation for doing accounting work for them and is going to be bought out by the company by the end of the year for $12,500.  I also anticipate that there will be significant cash flow from this company starting around the middle of 2009, which will also be a source of payment funds. 

I do not plan to pay off this loan early.  However, when I start seeing significant cash flow from the startup company, I will be embarking on a debt-reduction plan.  I will be paying down debt highest interest rates first.  I currently have about $20,000 at 18% or higher and another $20,000 from 15% - 18%.

I will be taking the transparent buyer pledge, so please ask questions!

Thank you for considering my loan!