2007 April | | P2P Lending, Peer to Peer Lending, People to People Lending P2P Lending News, Information, Borrowing and Lending Strategy

A new loan funded (Wife wants to get back to work! Please help Re-list – $24,000 at 21.48%). I participated via my standing order RL Overlooked. The borrower had B credit, a 62% DTI, and is a homeowner. This was a non autofunding loan. 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.

With this loan I have $5,047.15 in principal across 79 loans ($63.89 per loan) with an weighted average interest rate of 17.59% and an account value of $5,387.82. Each loan on average is 1.2% of my portfolio with a maximum in any one loan being 3.7%.

For the readers that believe in reading the actual description without modification:

My wife wants to get back to full time work! This is a relist and we really need your help!We are needing these funds for her new business venture. The funds will go towards our lease/rental space and a POS system for the store. We already have all of our merchandise and store fixtures so once we are funded we are ready to make our offer to the landlord.

We will be selling gently used children’s clothes, accessories & maternity wear.

We were previously were trying to purchase a turn-key business and were funded thru prosper for the full $ 25,000.00. However we lost the bid on that business and felt obligated to cancel and re-post just as we promised some of our bidders/lenders. We are now back to our original plan of opening our own store.

We have the initial inventory & just yesterday purchased the remainder of the fixtures. We need these funds for our deposit, first/last months rent on the retail space, a POS system my wife wants to keep the store organized and some purchasing funds to buy from the public when we open. We will be offering the landlord $ 1.25 a square foot for a 2800 sq ft retail space. There is a Longs Drugs, Save Mart grocery store, Payless Shoe Source, Dollar Tree, My Donald’s & a Taco Bell in the same shopping center so there is not a lack of traffic.

The city of Modesto is a large growing community & has recently experienced a baby boom. What a perfect time to introduce a used children’s store.

As disclosed in our previous add we have two credit cards that have 8,000.00 balances each due to a car accident. Our mechanic took our BMW for a joy ride and completely wrecked the front end. We are just about to settle with his insurance for approx $ 18,000.00 which includes repairs & rental.

Please feel free to e-mail me with any questions you have.

Our credit card debt as follows:
Capital One $ 7800.00 (car accident repairs & legal fees) 0%
Citi Card $ 8,000 (car accident repairs and legal fees) 0%
Chase Universal $ 6100.00 (personal charges, & landscaping for home)
Chase Visa $ 3,200.00 0% (personal charges) 0%
MOCSE CU Card $ 3,000.00 (use to pay for rental & other misc during car accident) fixed 12%
World Market $ 1100.00 (no payments for another 10 months)

We do not have any late or delinquent accounts and we pay all of our bills on time all of the time!

We would appreciate your bid and thank you for your confidence in our ability to succeed.

Here is a graph of all loans on Prosper with A credit and a DTI of < 21% and Loan Amount $14,000 +/-$5,000 funded in the last 100 days:

The weighted average plus 1 sigma is 18.89%. The weighted average plus 2 sigma is 22.04%. This loan is between 1 and 2 sigma higher than the mean. I love standing orders. The new RL overlooked standing order is showing potential.

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