having trouble

Financing, Hard Money Lenders, Private Money
1

I recently bought a property money down… Which is great, but I am having trouble getting the funds for rehabb, i.e. carpet and paint. Total I need 5k. I don’t have any credit or the use of credit cards. I’m new to texas and don’t have many friends I can get the money from. The investors that I have approached I have offered a 40% return to. So in 6mo I will return and additional 2k along with their 5k If you have any other suggestions please let me know…

Thanks

Terrance Massey

2

i would try your local REI club… very good place to network… use the link on the left side if this page…

3

Try prosper.com. You should be able to find the 5K there.

4

Have you had much success with this Prosper Company?

5

I have actually never tried it, but if you do a search on this website for prosper.com there are a couple of threads that you might find useful.

6

tmassey Where are you in Texas? I am in Houston.

7

I’m a lender on prosper and find the business model intriguing. I would think you could fund $5k easily on the site.

8

What are your thoughts? Have you had trouble with people not paying?

9

I think they still go by credit score so if he has no credit it would still be a high rate, but probably not as high as 40%.

Just on the surface of things, this initial requests sounds fishy. The first and only message so far by this person looking to give someone a 40% return because they have no credit and yet somehow bought a house with no money down and their english needs lots of work? It’d be nice to get a little more information.

10

Regarding Prosper; the interest rate on each loan is determined by the marketplace, the borrower requests a certain rate (limited by state law) and then bidders place their bids by rate they are willing to accept on the loan. If there are a lot of bidders then the rate which the loan closes will likely be less than their initial rate offered, sort of like tax certificate bidding. Prosper does the underwriting and pulls credit reports to rank each borrower so you generally know what you are getting into as a lender. I have not suffered any credit losses as yet but still new to the system. I have noticed there is a relatively large fall-off of loans that are fully bid but never close due to some underwriting issue, this could be the system actually working and weeding out some of the fraud.

11

If you were to live in it. Try 203K- HUD.