Prosper/other investors??

gordongecko · #1 06-03-2007, 02:01 AM

I have a fico score of 714, and have been looking at prosper as a way of obtaining short term financing for small business ventures. I have a great track record with these types of investments, and most of the work I do is based on the internet. I have been doing this with my own cash for about 3 years now, and I have no doubt this could work out well for all involved. My only thing is I have no idea how to use this service. What terms to offer, etc. I know some 2+2'ers use it, and I know it's a great source of passive income, so I figured maybe someone here would be interested in pointing me in the right direction. With a 714 score, what kind of rates could I get? How much of a loan is a reasonable loan to request. I could use anywhere from 5k-100k just as easily, with the same kind of returns.

As far as the actual loan info goes. I would use the loan to do what I always do just on a bigger scale. I buy web traffic, and other income producing properties on the internet and make them more profitable, then sell them for a profit. I have plenty of connections, and I already do this for a very comfortable living. As anyone in business knows it's always better to fund growth with other people's money.

Is prosper the only type of service like this? It's hard for me to obtain bank financing for a small business, and I realy have no interest in credit cards as a means for financing growth. Any help is appreciated. I have set up my account and will wait to post the ad until I get some input from you guys. Thanks in advance.

edit: my email is emzec3@gmail.com if anyone wants to email me or invite me to a prosper group =P

Timosil · #2 06-03-2007, 02:45 AM

With a Fico score that high, why would you get a loan from Prosper? I imagine (given a high enough verifiable income) that you could get a better interest rate with a traditional loan...also with SBA backing I would think that you could secure a substantily larger loan. Prosper loans are extremely limited in that they only offer 3 year loans, and your monthly payment will be much much much larger on a 3 year as opposed to a 10 or 15 year loan.

You probably know all of that...but why get a prosper loan when it seems to be the less than ideal business loan?

gordongecko · #3 06-03-2007, 06:23 AM

It is VERY hard to get an unsecured LOC for a small business, especially one that is young. SBA loans are tough to get for internet based business owners, and since im not incorporated it makes it a bajillion times harder to get any kind of financing from banks etc. I have contemplated a straight up money partner, and I had a buddy online who was a high stakes player who was interested, but he ended up buying a home soo that was the end of that idea.

I average between 30-90% ROI on my mid sized projects and they take between a week and 3 months to fully mature. It depends on the industry, traffic source, etc. but I rarely have anything that takes much longer than that. That makes prosper or a money partner realy enticing for me. Thanks for your tips though tim.

maxtower · #4 06-03-2007, 03:27 PM

The maximum prosper loan is 25k I believe. It may be difficult as a new borrower to get completely funded if that is your first loan. The more info you give the better though. If you get one or two loans funded and then paid off after a few months when you have flipped your website, then I bet you would get a very good rate on the bigger loans.

gordongecko · #5 06-03-2007, 05:38 PM

Thanks max, any tips on what kind of pics to include in the listing? Since it is an internet based investment and all, kinda hard...

maxtower · #6 06-03-2007, 09:58 PM

Just think about it from the lenders perspective. Maybe you have screenshots of your bank account or paypal or whatever? Google adsense screenshots? Obviously blur out all the account information, just include the financial information.

gordongecko · #7 06-04-2007, 02:20 AM

All of that is available, however I did not see the other borrowers realy using pics. I will keep looking into it, but in the meantime I think im going to seek private capital investors like the guy mentioned earlier who was looking to invest some of his bankroll into things. Anyway keep any help coming =) and if anyone is interested in investing in some high yield, low risk, short term ventures shoot me an email emzec3@gmail.com or send me a pm here. I have a great record with online investments and have some kick ass things lined up for this month already =)

BradleyT · #8 06-04-2007, 03:22 AM

Don't be too suprised if a 1 day old 2+2 account doesn't get offers pouring in. And I don't think you're allowed to make a post soliciting donations.

gordongecko · #9 06-04-2007, 03:29 AM

[ QUOTE ]
Don't be too suprised if a 1 day old 2+2 account doesn't get offers pouring in. And I don't think you're allowed to make a post soliciting donations.

[/ QUOTE ]
Where did I ask for a donation? I posted something very relevent to my thread, and fyi the only reason I posted that is because 3 people have already contacted me interested, so I figured others may be. Account age means nothing, I doubt a serious investor is going to not do their due dilligence just because an account is 3 years old on here. Jeez. This is a business forum. Not an epenis forum.