Posted by John Corey on September 30, 2006 at 06:13:38:
The group has been set up. Creative Real Estate Financing is the title. I can email you an pointer to the group as I sent one to myself when they approved the group.
A couple of observations based on my limited time on Prosper.
Your credit score will define who looks at your loan.
Your interest rate will define if you get funded if the credit score is reasonable. If the credit score is bad then how you explain yourself will matter.
As the credit score goes down you find that people get real picky about seeing your budget and other evidence that the loan is solid. I suspect you will get someone upset with the idea that you are going to use the funds to trade futures. Hence you could end up with negative PR on the forum and that might damage your ability to get funded.
If you do not need the cash then borrowing less might be a good idea. New borrowers who do not present well but are not asking for that much seem to get funded. Borrowers who ask for a lot and have a great story can still struggle. Given that most loans are funded in $50 or $100 chunks it will take a lot of people to support a larger loan so lots of people have to collectively buy into the story. With a smaller loan the list will be smaller and might be made up of just a few lenders who lend a large sum (large for Prosper).
Some lenders will only lend to people who select the auto fund option and have a verified home. The auto fund says that once there is enough pledged the process stops and you do not have the chance that the interest rate will be bid down. The verified home means that they have checked to see that you really do own a home.
Being a lender is a good experience for learning about Prosper. You can just as easily start out as a borrower. That is up to you.
Let me send you that email and we can continue…
If anyone else wants to check out Prosper send me an email (just click on my name where you see “Posted by John Corey” in the heading).
We can continue the discussion here for those who want to follow along.