A blogger (The Property Pundit) emailed me and asked for a listing review and so I ask my readers. Please review this listing. Would you bid? Why or Why Not? How can the listing be improved? A credit grade and clean extended credit.

$25 Bonus For New Lenders
How to Use Prosper Listing Widget for MySpace, Blog, Website, or Other
Here is the loan description:

Purpose of loan:
I have been a lender on Prosper since August 2006. I took out a loan in June 2007 to reinvest in Prosper and have a stellar repayment history. I have made a total of 25 Prosper loans at an average rate of 16.95% and have only had one default. For those of you who have been lending for more than a year, you know that’s a good ratio.

I’m asking for another loan because I have a credit card that I’d like to pay off. My American Express card has a 17.48% interest rate and a balance of around $17,000. I’d like to pay it off with a better rate through Prosper.

Education:
I have a J.D. from George Mason School of Law and a B.S. in Political Science from Illinois State University and am a current member of the Illinois Bar.

Occupation:
I am a partner in a consulting firm. I perform marketing activities for a market research firm as well as some project management work. Before that, I was a fundraiser for five years for a major Washington, D.C. non-profit and was responsible for raising more than $4 million annually. I am also a member of the Army Reserves and spent 2005 deployed to Iraq. I make about $500/mo performing my monthly Army Reserve drill.

The income from these activities is supplemented by nine apartment rental units that I own. If you bid on my previous listing, you’ll note that I only had four units then. I have purchased five additional rental units and now make about $1,000/mo net profit from rents from them.

It’s not included in this information, but my wife also brings home $3,000/mo from her job. The expenses below are our combined expenses. Not counted is her monthly spending on shoes… if you know what I mean.

Credit Profile Explanation:
Previous delinquencies were from a student loan I wasn’t aware of during my initial military training. I paid it off when I became aware of it being late. I’ve never been late on any other bills. My revolving credit balance is showing up fairly high because of my credit card debt and a line of credit that I have on one of my apartment buildings. A portion is also from a nine month 0% balance transfer rate that I have been using for investments. I am currently paying off the short term debts which have interest rates more than 8%, but am looking for some help here to pay off the high interest American Express bill.

For potential lenders who are looking to make a good return with very low risk, I offer you a great listing. Since I am paying off a current bill, I will be using this to decrease my monthly expenses. I do have available assets for all of my expenses and debts and have significant equity in my real estate units as well as other investments. I’m just trying to consolidate here.

Total Monthly Income: $11,500
Monthly Occupation Income: $5,000
Monthly Real Estate Income: $6,500

Monthly expenses: $9,300
Housing: $950
Insurance: $100
Car expenses: $100
Utilities: $100
Phone, cable, internet: $100
Food, entertainment: $500
Clothing, household expenses: $500
Credit cards: $500 (min. payments, $400 of which will be eliminated with this loan)
Real estate expenses: $5,500
Student loans: $450
Misc.: $500

As you can see, I’m on top of my finances. I believe in Prosper and through low risk investing I’ve been able to do well. If you have any questions, don’t hesitate to contact me. I look forward to paying interest to you!

The bid page shows credit grade tranche has an estimated loss of -8.06% and a -0.5% adjustment and -1% servicing fee. The adjustment and servicing fee are fixed, but I think the estimated loss is slightly high because the credit grade tranche is for 2+ inquires (the listing has exactly 2).

So gentle reader… the borrower has asked for your review. Let him have it.

(Disclosure: I made a bid @ 17.94%)

Related Posts

• RateLadder Requests Prosper Loan I am requesting a Prosper Loan.  I am a AA, homeowner, verified bank account, Prosper lender with an 11K+ lending portfolio. This is my 1st foray into borrowing on a p2p website. I believe in p2p lending and with this loan I will gain a borrower's perspective. My loan matches the......
• Best Reasons to Use Unsecured Loans Prosper is a p2p lending marketplace for unsecured loans. Borrowers can borrow money up to $25,000 via an unsecured 3 year fully amortized note. New lenders recieve a $25 bonus on entering your first loan. The following is a guest post anybody else interested in a guest post should email......
• Prosper Repurchases A Loan Yesterday, I had one of those bitter sweet moments.  Sweet in that a loan I had been writing off in my mind as bad was repurchased by Prosper for the full principal balance.  Bitter, because I really believe I am helping people with these loans and yet someone would take......
• Prosper Estimated Return Guidance Pessimistic Example -- aka PML #5 -- Pay off high interest home improvement cards In my Friday post, I encouraged everyone to think for themselves when it comes to estimated return guidance. It is after all only an estimate. Today, I would like to pimp a listing I have bid on that I feel demonstrates a great return loan, but it is a fairly......
• Reduced Required Rates by 0.5% for All Standing Orders with Rates Greater Than 15% After watching for several days with no activity I was getting anise.  So I decided to reduced required rates by 0.5% for all standing orders with rates great than 15%.  If that would have reduced the rate below 15% I left the rate at 15.01%.  I did this at 11pm......

Related Websites

• Do Not Cash Out Your 401k A friend of mine is hit hard by the 40% plus drop in his 401k and the daily gyration haven't made it any easier.  He was seriously considering cashing out of his 401k and stop contributing altogether.  After a long conversation with him, I was able to explain to him......
• Windows Marketshare Drops Below 90% The monthly browser and operating system marketshare report from Net Applications has been released for November. According to the report, Mac usage jumped up to 8.87% with Windows dropping below 90% at 89.62%. The big shift comes from Vista share not picking up as quickly as Windows XP and Windows......
• linklings, the leap year conspiracy edition 2008 promises great drama and suspense. The Patriot nation shudders in ecstasy awaiting the next victory by the chosen, while my Jets unpack their golfing gear. America throws up in its mouth a little bit every time it considers the upcoming presidential election and the available choices. But best of......
• If I Were Going to Do Credit Card Arbitrage... ...this is how I'd do it. (see end of post for a zillion disclaimers) I find credit card arbitrage a scary and overwhelming idea and don't plan to do it. However, I was recently reading on My Dollar Plan about how she does it with over $200,000. I don't......
• Finovate Startup 2009 Live Twitter I am attending Finovate Startup 2009. It is an action packed 1 day format which I belive will lend itself perfectly to a live twitter. Stay tuned it should be an amazing day. http://twitter.com/BlogTrafficExch In the break I have scheduled some talks with SimplFi, Mint, and Calendar Budget. I am......

Online Stores

• Commercial Real Estate Opportunities
• Timeshares for Sale Real Estate Opportunities
• Land Real Estate Opportunities
• Manufactured Homes Real Estate Opportunities
• Real Estate Opportunities

If you liked this article, vote for it on del.icio.us and stumbleupon.


Categories:

Listing Review