Listing Profile Bid History Loan History

Listing Title


Loan Information
Loan Status: Current Origination Date: 2008-10-01 Payments Made: 2 of 36 Total Payments: $632.15 / $10000.00

Listing Summary

  

Borrower Info
Requested Amount: $10000.00
Lender Rate: 8.40%
Automatic Funding: No
Percent Funded: 100%
Monthly Payment: $315.21
 
Borrower: AgapeSpirit
Location: CA
Group: (NoGroup)
Group Fee: 0.00%

Credit Profile
Credit Grade: AA Homeowner: Yes Account Verified: Yes Debt To Income: 29%

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

Listing Description
Purpose of loan:
This loan will be used to rehabilitate an investment property. We purchased a foreclosed duplex (155 Altruria, Buffalo, NY 14220, both units 3br/1ba), in August of 2008 for $20,000, all cash. It's a fixer that requires about $20,000 worth of work to get it back to rent-ready condition. We have secured $10,000 so far, and we are seeking the balance of $10,000 from the Prosper community. We look forward to taking this eyesore and placing a couple of happy families before winter. 

My financial situation:
We are good candidates for this loan because if you review my Experian score, it's 768. If you dig deeper into my credit report you will find that I am heavy with consumer debt, but the money spent is not frivolous consumer spending. Much of it is actually for educational and personal/spiritual improvement programs. Essentially, it is investment in education. My wife and I are financially responsible homeowners. I've steadily worked for my employer for the past 7 years as Operations Manager, and I don't plan to go anywhere else. My wife is a Controller at a large company that has 1100 employees, and has both an Accounting and Finance degree. We are stable and low-risk.

In August 2008, my wife and I bought this duplex, all cash, so that we can avoid loan fees. We were anticipating being able to use a line of credit from an unnamed lender to fund the rehabilitation of the property, but the lender suddenly decided to cut us off from the line of credit that we have already established, citing bad debt to income ratio and that the change in policy was not a result of my creditworthiness, but rather a business decision. Two seemingly contradictory statements from the lender, but they needed some sort of excuse... I've talked with credit unions and other lenders, but they are all being extremely conservative in this tumultuous time for financial institutions. This has obviously thrown a wrench in our plan, but we are undeterred and are relentlessly looking for ways to move forward with this project.

The rehabilitation will take approximately three to four weeks, and will be performed under the supervision of a reputable property management company (http://www.daileymgmt.com/). During the rehabilitation process, the management company will also seek out and screen prospective tenants so that we will be able to collect rents soon after the repairs are completed. Once the tenants are in place, the property will generate enough cash flow to cover the monthly payments on this loan, pay the various expenses and management fees, and depending on what the final rate is, maybe put a little in our bank account. The property is insured against losses for things such as natural disasters, as well as theft of components and vandalism.

Help us fix up this place so a couple of happy families can dwell in our house!