Purpose of loan:
I own an apartment in San Francisco that has a tile patio which started leaking last winter (rainy season here in SF). I have tried patching the edges of the patio with caulking, but that hasn’t worked. All of the contractors I’ve spoken to say that there is a tear in the waterproofing membrane under the tile, so all of the tile and membrane has to be replaced, and we need to check for any rotted wood underneath it all. It’s a fairly big job (for such a small leak), and will cost about $10,000.
My financial situation:
I work at Prosper as a product manager. I am also a lender with over $4,000 in loans at the present moment. See my Prosper portfolio here. I have been steadily employed since graduating from college almost 10 years ago. I have owned my apartment for about five years, and carry no other debt. As you can see, my credit history is good. I expect to hold this loan for at least a year, and will most likely pay it off before the 3-year period is up.
This is a $10,000 Loan that started at 15%. It is currently @ 7%. While I have every faith that Andrew will repay the loan. I have a hard time justifying the current rate. The highest yielding 3 year CD is currently an APY 5.41% from Eloan. I will try to snipe $50 from my standing orders and bid $50 at 5.5%. Update: I made my bid of $53.11 @ 5.5%.