Buying Foreclosure

This is my 2nd loan on Prosper. The first was used to fund other Prosper loans and was paid in full after about a year.? Now we are looking to invest in Real Estate and take advantage of one of the many foreclosures in the Metro Atlanta area to convert into rental property.? After looking for several months we have found a deal on an inexpensive property that needs mostly cosmetic work to get it rental ready. Only problem is I?m about $7k short of paying full cash for the deal.? The banks aren?t interested in writing a mortgage for such a small amount.?And it?s too much for them to risk on an unsecured loan. Which makes it ideal for Prosper where I essentially am borrowing on my credit worthiness anyway.??

To paraphrase an old saying ?banks only lend money to people who can prove they don?t need it'.? If this Prosper loan doesn?t work out I can tap the money from a brokerage account I set up for my 3 yr old's college fund. [Don?t really want to do that since the stocks were purchased for a long horizon] or pull the money from a Roth IRA with about $10K in it. For the same reason as above, I don?t really want to take money from a retirement account if I don?t have to.? I?m willing to take a short-term interest rate hit over the long-term loss of buying power in either of those accounts.??

My financials:
Income: ~ $6,500 gross / month or $4,000 take home??
Outgo: ~$3000 / month?
????????Mortgage: $1500 / month - 5.625% Fixed?
????????Car Pmt: $240 / month (3 yrs) - 5.2%?
????????Student Loan: $140 / month (5 yrs) ? 3%?
????????Utilities (gas, elec, water, phone, internet) : $350 / month?
????????One CC with a balance of ~$1,500: (0% interest until May 2010) - $200 / month?
????????Food / Misc.: $500 / month??

Just paid off a car note in December freeing up $500 / month.??

Rental income: The house is a 3 br / 2 bath ranch approx. 1300 sq. ft. I figure it will take us 2 months to complete the work it needs at which time we should be able to rent it out for $650 / month which is below the market of $700 - $800 in that area. ? The good news financially is that since we?re paying cash on the deal, we?re not strapped even if it stays vacant for an extended period of time.
Thanks for looking at (and hopefully bidding on) my loan.

Paying off my debt

Purpose of loan:
This loan will be used to?pay off credit card debt

My financial situation:
I am a good candidate for this loan because?I have a secured job.? In addition, my credit score is where it is based on the amount of debt I have and not the result of poor payment practices.?

Monthly net income: $ 3458

Monthly expenses: $
??Housing: $ 1565
??Insurance: $ 83
??Car expenses: $
??Utilities: $ 250
??Phone, cable, internet: $ 200
??Food, entertainment: $ 60
??Clothing, household expenses $ 40
??Credit cards and other loans: $ 600
??Other expenses: $ 100

Q: What is your profession? Is your company financially secure? - DenimCapital

A: Thank you for the question, DenimCapital. I am a project planner for a bleach manufacturer. Our organization has increased its annual earnings by 300% over the past two years. We manufacture hair dye for the cosmetic industry and currently we are one of two manufactures in the US. Our major customers are Proctor and Gamble, L'Oreal, Sally Beauty and Aveda. My role within the organization is very crucial and my position is very secure. (Jan-05-2010)

Socking it to the card companies!

Purpose of loan:
There are two purposes for this loan.
First, I?want to pay down?my higher interest rate credit cards.
Can you believe?the credit card companies had the nerve to take bailout money and then raise interest rates?for the best customers?
Ridiculous!?No more Mrs. Nice Girl.
The second purpose of the loan is to replace several shutters on my house
which blew off during a recent?storm and to repair a?minor plumbing problem.?

My financial situation:
I am a great candidate for this loan because I have good credit, high income ($145,000 combined, $88,000 mine alone), and a management level job with a stable private company that has the patience and capital to weather the current economic climate. I am an "A Player" within the company, a top-producer, and feel confident in my future earning ability.

Monthly net income: $6600 (individual, not including bonuses) + $3500 (spouse)?= $10,100

Monthly expenses: $ 4342
??Housing: $ 2230
??Insurance: $ 145
??Car expenses: $ 847
??Utilities: $ 300
??Phone, cable, internet: $120
??Food, entertainment: $ 200
??Clothing, household expenses $200 avg.?
??Credit cards and other loans: $ 300 (paying more than minimum)

Thank you for considering my loan!

Q: Given that you appear to have over $5,000 in excess free cash flow each month (monthly net income less expenses), why can't you just pay these credit card debts off with 2 months of free cash flow? thanks - reflective-rupee

A: I am so glad you asked this question! I re-read my listing to figure out why it appeared that I have so much excess free cash flow. First, I mistakenly listed my gross income instead of net. My monthly net income is $4900 (personal) and $3500 (spouse). I did not list my spouse's expenses so I guess I should not have listed his income. My personal excess cash flow, without my spouses income/expenses, is approximately $800 per month. I hope this answers your question. If not, please write back. (Jan-07-2010)

Q: Please list the balances on each of your credit cards. Please indicate the monthly minimum payments and interest rates of the ones that you would pay off with the proceeds from a Prosper loan. thanks and best wishes. - reflective-rupee

A: Card 1 $1260.57 @ 30.24% Card 2 $425.15 @ 29.49% Card 3 $362.10 @ 29.99% Card 4 $2553.81 @ 21.15% Card 5 $1210.73 @ 20.24% I would like to pay off Cards 1, 2, 3, and 4 with the loan proceeds. Depending on the home repair expenses and final APR I receive on the loan, I may pay off card 5 as well. Thanks for considering my loan. (Jan-07-2010)

Q: Can you please explain your 7 delinquencies? - GeoLender

A: Thank you for the question. According to a 12/30/09 copy of my credit report from all 3 lenders, all of the delinquencies occurred five years ago (2005). That was a rough year. My husband and I separated for several months in 2005. At the time, I was working in a government job, with less than half the salary I have now and I couldn't keep up with my two credit card accounts during the separation. I hope this answers your question. If not, please write back. (Jan-07-2010)

Q: Well put Mrs. Nice Girl!!! I totally agree and you've come to the right place. - DasMula

A: Thank you very much! (Jan-07-2010)

2nd Loan! Eliminate credit cards!

Purpose of loan:
This loan will be used to eliminate my revolving credit card debt.? I'd like to end my relationship with the big credit card companies and send the interest to Prosper lenders instead.? I'm enrolled in a debt management plan, but they charge a $30/monthly fee.

My financial situation:
I am a good candidate for this loan because I've previously had a Prosper loan and paid it?off on time?without any late payments.? I have a stable job and income and am committed to paying my debts timely and responsibly.

Monthly net income: $3,700

Monthly expenses: $
??Housing: $1,075
??Insurance: $120
??Car expenses: $?425 (payment and gas)
??Utilities: $90
??Phone, cable, internet: $ 70
??Food, entertainment: $ 500
??Clothing, household expenses $ 100
??Credit cards and other loans: $?714

My current debts are:
Capital One:? $1,991.74 at 9.9%
Macy's - $961.73 at 8.0%
BofA - $1,222.61 at 13%
Chase - $3,437.13 at 6.0%

I realize these are low but I'd like to eliminate these closed accounts and have one singular debt and lower my monthly payment.? I'm also paying the monthly management fee which washes out part of the interest rate reduction I'm receiving.

Thank you.

Q: Please describe the nature of your employment and employer in some detail. Thanks much and best wishes. - reflective-rupee

A: I am lucky to work at a company that is prospering in today's economic climate. I'm an account manager at a wealth management firm in Southern California. We manage the affairs of high profile entertainers and athletes. My position involves bookkeeping, A/P, transfers, deposits and tax preparation. Fortunately our clientele is sufficiently well off that we've not made any cutbacks - we even had our holiday party and bonuses this year. (Jan-08-2010)

Q: If funded, will you be keeping this loan for 36 months? Thanks - RecoveryLender

A: yes, I do. Unless I'm lucky enough to win the lotto :) The money that this reduced payment will free up I plan to put towards my Certified Financial Planner classes and bulk up an emergency savings account. (Jan-11-2010)

Prosper Lender

As a lender I still have:
Over 90 active notes; started with 178.
Over $8,000.00 value at this time.
Still averaging over $600.00 / month from Prosper.

With this loan will pay off one credit card that almost doubled their interest rate lately.

Auto Pay this to, as most of my bills are.
Don't even know how much some of my utility bills are ... I just pay 'em.
Did pay my January mortgage in November and will pay February real soon.

JGuide has bid a total of $126.00 in winning bids.

"An 'A' Credit Score, my neighbor, and a Lender with $8k invested on Prosper - his Prosper income can easily pay this - Safest investment on Prosper!"

Need to Reorganize

Purpose of loan:
This loan will be used to?? I would like to reorganize My Dept.for an easier payment.

My financial situation:
I am a good candidate for this loan because? I do pay my bills on time and have a proven record with a Prosper.? I have already had a loan and it was payed in full.? I have No Household expense's

Monthly net income: $ 34,000

Monthly expenses: $
??Housing: $ 0
??Insurance: $?65.00
??Car expenses: $ 233.00 Utilities: $ 0
??Phone, cable, internet: $ 0
??Food, entertainment: $
??Clothing, household expenses $
??Credit cards and other loans: $?250.00
??Other expenses: $

Pay off existing Proper Loan

Purpose of loan:
Pay off current Prosper Loan and pay for auto repairs.
My financial situation:
I took out my original Prosper loan 2 yrs ago.? It is better to finance this way for emergencies than by using a credit card.? I need some major auto work and don't want to charge it.
Monthly net income: $ 7100

Monthly expenses: $ 6000
??Housing: $ 2600
??Insurance: $ 175
??Car expenses: $ 700
??Utilities: $ 200
??Phone, cable, internet: $ 125
??Food, entertainment: $ 200
??Clothing, household expenses $ 1000
??Credit cards and other loans: $ 700
??Other expenses: $ 200

Continue Business Growth

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