A new loan funded (Relocating, Need Quick Cash to Payoff Home Equity Loan – $25,000 at 22%). I participated via a manual bid the loan was Autofunding. The borrower had C credit, 28% DTI. and is a homeowner. As a reminder my standing orders (and manual bids) only find loans with 0 current delinquencies, 10 or less delinquencies in the last 7 years, and 2 or less public records in the last 10.Â
With this loan I have $4,597.15 in principal across 71 loans ($64.75 per loan) with an weighted average interest rate of 17.55% and an account value of $4,984.42. Each loan on average is 1.3% of my portfolio with a maximum in any one loan being 4.0%.
Here is the listing:
For the readers that believe in reading the actual description without modification:
Background Information:
I hold BS & MS degrees in Accounting & Finance respectively & work in a financial institution. I do appreciate the importance of financial credibility & I never delay in meeting my financial obligations. I have 2 homes, a residential & investment property. I was recently transferred from Michigan to Texas and needed to sell the residential home. My Employers will be buying the residential home but I must payoff $25,000 outstanding on the Home Equity Line. (HELOC). The HELOC was originally obtained for investment purposes and was partly used to finance the rental property and a vending business. Purpose of Loan:
To payoff $25,000 owed on HELOC. Income Analysis:
Monthly Net Salary $3,000, Rental Income $775, Vending $200, Total = $3,975 ÂExpenses:
1st Mortg. on home $1,338, Equity loan $400 ($1,738) Â
Mortg. on rental property                         334         Â
Insurance                                             180 Â
Elec., Water, Heat, phone                       320 Â
Fuel                                                      120   Â
Credit Card  + Student loan                      258Â
Church                                                  410  Â
Total                                                    3,360 Net Cashflow (Surplus) $615ÂAfter relocating to Texas my net salary will increase by $700 while I’ll save $1,738 on my mortgages (Total = $2,438). I will be renting an apartment for $800 in Texas and my new surplus cash will be $2,253 from which I will repay prosper loan.
Conclusion
I am available to answer any question and I appreciate your favorable consideration of this loan request. Â
Here is a graph of all loans on Prosper with C credit and a DTI of < 28% and Loan Amount $20,000 +/-$5,000 funded in the last 100 days:Â
| Number of Loans | Average Amount Borrowed | Weighted Average | Standard Deviation |
|---|---|---|---|
| 62 | $19,757.08 | 18.84% | 3.62% |
The weighted average plus 1 sigma is 22.46%. This loan is between the weighted average and 1 sigma higher, 3.16% higher than the mean.
What do you think?
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