I’m new to the REIClub Forums. I was looking through the Financing, Hard Money, etc postings and noticed several looking for small hard money loans. Many of these could be funded through Prosper.com. It’s a website that is like eBay for loans - it matches up lenders and borrowers. I recently signed up as a lender.
The loans are unsecured. Your credit score is given for reference but even if you have bad credit, if you describe a good plan for use of loan proceeds and repayment, you’re likely to get funded. Term is 3 years, no points, minimal fees, no prepayment penalty, max is $25k, rate is determined by bidding. Loans are spread among multiple bidders, often dozens. Prosper.com does all accounting and servicing.
Debt consolidation, short term business needs, re-establishing credit are common uses. I’ve also seen loan requests for property purchase, rehab and repair.
I though it might be a good resource for folks here in need of financing.