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For purposes of the suitability requirements described above, an investor and his or her spouse is considered to be a single person. In addition, the following definitions apply:
“Annual Gross Income” means the total amount of money earned each year, before deducting any amounts for taxes, insurance, retirement contributions or any other payments or expenses.
“Net Worth” means the total value of all assets, minus the total value of all liabilities. The value of an asset is equal to the price at which an investor could reasonably expect to sell the asset. In calculating net worth, an investor should only include assets that are liquid, meaning assets that consist of cash or something that could be quickly and easily converted into cash, such as publicly-traded stock. An investor should not include illiquid assets in the calculation of net worth, such as homes, home furnishings or cars.
“Net Investment” means the principal amount of Notes and PMI Management Rights purchased, minus principal payments received on the Notes and PMI Management Rights.