GET A LOAN & INVEST MONEY

HI I just read your comment about prosper I am making an offer on two four plex and will need some down payment I try them and see if they can provide some help. Let me know how your loan turns out. I have spoken with a couple of mortgage brokers about a mortgage loan and they told me since I had a couple of short sales I could not get financing for two or three years. Maybe prosper can help. I am also a veteran and still have my GI bill for home loans but can't get a bank to quilify me. Be nice if prosper can help.

Thanks

VVOVV

funny thing about this site

Prosper is my real estate agent's name

perhaps now I will have two prospers to work with I an going to check it out

Later Fred

PS thanks for the lead

Hello all

I went to prosper and they were asking for banking info and license information this made me nervous because i do not know anything about these people its all sounds good on the surface but you know what is said about too good to be true

any comments or piece of mind about doing this will be appreciated

Later Fred E

I receive a subscription to Money Magazine and last month they featured Prosper.com. It's called Social Lending. The risk is decreased for the "lender" as one can pick and choose how little or how much to lend based on a rating system Prosper uses. If your credit isn't great, don't worry too much, as I've seen people with scores of C and D receive full funding. More than one person can contribute to the loan. Go to the website and observe for awhile. The limit is $25,000.

I've not used them for a personal loan, but it's on my list of things to do to starting lending a small amount myself. Who knows, I may need a loan to close a deal myself one day.

Steph

Thanks for sharing. Good info to know.

If your credit is bad don't even try lol.

Guys, try www.lemdingclub.com works like prosper

Guys, try www.lemdingclub.com works like prosper

sorrry -- www.lendingclub.com

Daynah, have you used them? Can you give us more details? Thanks.

Dawn

Dawn, sorry i"ve never used them, but some co investors did and they word they are credible, please read the financing terms before you do it so that u are guided, interests etc

Hi Daynah / Dawn

Three years ago I checked out Lending Club, Prosper and Zopa. I end up using Lending Club because they gave a lower interest rate for the same amount. Prosper interest rate back then was very high of the 3. Please double check on this for today market.

Good Luck.

Its easier and cheaperto get a loan through a business LLC or Corp
You can get no do loans anywhere from 20k - 150k...
Theres alot of banks out there that do that

PM me for more info

How do you get an LLC loan and what banks do you use for this? I am in California

Stephanie

I have heard of this before. I will check it out. Did your girlfriend have any problems, was she happy with everything?

Jeremy

Hi,
Yes, my girlfriend used Prosper & paid off her high interest credit cards.
She didn't have any problem with them & was very happy with everything

hey, my question is what is the payback period? do they want payments or can you make a lump sum payment after you acquire the property and refinance.

My question is , is what kind of repayment schedule do the require? payments can you make a lump some payment after you aquire the property?

Folks, please be careful re these payday loan types of programs. They can get you in really hot water if you don't know what you're doing. Plus, the one Angelina is talking about only goes up to $1,500. That's fine for a household bills type of emergency, but not the kind of money most people are looking for to purchase property.

Look deep before you leap!

I have registered with this site a while ago now, haven't used their services, but it is true you can't really get big money to do a RE deal, it is more of little things you might need some extra cash to pay off some bills or something like that. Also, if you plan on lending money be careful. The site is legit, but you are doing peer to peer lending, while you can see the other persons history on the site and their credit there is still a risk you can lose your money.

Jeremy

A Credit Score That Tracks You More Closely
By TARA SIEGEL BERNARD
Published: December 2, 2011

There’s no hiding now.
Enlarge This Image

Robert Neubecker
Multimedia
Graphic
Little Overall Change in Credit Scores
A New Credit Report Tracks More of Your Financial Life
What do you think of this development? Will you get a copy of this new report?

Tara Siegel Bernard
is a personal finance reporter with The Times.
• Latest Articles
Anyone who has recently applied for a mortgage knows that lenders are already looking much more closely at your financial affairs. But soon, they’ll be able to easily delve into the deepest recesses of your financial life, accessing information that never before appeared on your credit report.
This week, a company called CoreLogic introduced a new type of credit file, which is based on the giant repository of consumer data it maintains on just about everything that most of the traditional credit bureaus do not: missed rental payments that have gone into collection, any evictions or child support judgments, as well as any applications for payday loans, along with your repayment history.
The new report also includes any property tax liens and whether you’ve fallen behind on your homeowner’s association dues. It may reflect that you now owe more than your house is worth or if you own any other real estate properties outright. It also is supposed to catch mortgages made by smaller lenders that the big credit bureaus may have missed.
The idea, CoreLogic says, is to provide lenders with more details about prospective borrowers, supplementing what they already know through the more traditional credit reports furnished by the big three credit bureaus, Equifax, Experian and TransUnion. Moreover, CoreLogic has formed a partnership with FICO — the provider of one of the most popular credit scores used by lenders — which will formulate a new consumer score based on the new data.
Perhaps it’s not surprising that a company decided to pull together this information, since much of it is already publicly available. But because it comes on top of all the other information that’s being collected about you — your exact location at every minute, where you’ve been on the Web — you can’t help but feel that some of these companies know more about your activities than your spouse.
While the CoreScore credit report became available to all types of lenders on Wednesday, the actual score, which will be ready in March, is being created specifically for mortgage and home equity lenders, though it could eventually be developed for other types of credit.
For many consumers, the files are likely to reveal black marks that previously went undetected, which may damage an otherwise clean record. But the companies contend that it works both ways: The added information could help consumers with thin credit files by illustrating positive behaviors elsewhere, say making timely rent payments.
So why now? Clearly, the two companies saw a business opportunity. Lenders, who just a few years back looked the other way, remain particularly skittish about mortgage lending and are looking for more information about prospective borrowers’ ability to pay their debts.
“Lending is very constrained and origination volumes need to grow to make for a profitable mortgage business,” said Joanne Gaskin, director of product management global scoring at FICO. “So lenders are looking for ways to expand, but to expand safely.”
An estimated 100 million American consumers will have a CoreScore credit report, while more than 200 million people have traditional reports from the big three bureaus. Though the new information can influence a lender’s decision, the new score isn’t replacing the classic scores used in the automated mortgage underwriting systems kept by Fannie Mae, Freddie Mac or the Federal Housing Administration, which buy or back the vast majority of mortgages (though CoreLogic said it has let the agencies know what it is doing). But the added information may sway a lender to charge you more (or less) in interest on a mortgage. Lenders of all stripes, including auto lenders, have access to the reports, and they will be marketed to employers and insurers, too.
Ms. Gaskin said that FICO was still tweaking the credit score’s formula. But the next step is to build something that will try to get even deeper inside your financial mind: The company plans to create a more sophisticated tool that will predict how you might behave under different loan terms.
The reason all of this is such a big deal, according to John Ulzheimer, president of consumer education at SmartCredit.com, is that CoreLogic already has major inroads with many lenders. When lenders want to pull your credit file, they go to a company like CoreLogic, which collects all three reports from the traditional bureaus, cleans them up a bit and merges them into a more user-friendly report. “They already have this massive market of mortgage companies that buy these credit reports from them,” he said. “It’s not like they have to go out and convince the companies to work with them.”
CoreLogic said that several national lenders had expressed interest in the report and the score. The company gleans its information from a variety of databases and sources, including its own customers, and says that it updates its reports daily. It says, for instance, that a new mortgage obligation doesn’t show up on a traditional report until about 60 days after closing, whereas it sees the new mortgage within 23 days. A lot of its information is derived from the nation’s courthouses and public records. And through its SafeRent business, it has “substantial coverage” of the multifamily rental management companies. It receives information on payday loans through its Teletrack unit, which agreed in June to pay $1.8 million to settle Federal Trade Commission charges that it sold its credit reports to marketers, which is against the law (CoreLogic declined to comment).
Next year, it will begin to evaluate whether to include even more data, including your payment history on utility and cellphone bills.
A Credit Score That Tracks You More Closely
Published: December 2, 2011
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(Page 2 of 2)
All of this worries consumer advocates like Chi Chi Wu, a staff lawyer at the National Consumer Law Center, who questioned the type of information being fed into the new files. When it comes to utilities, she said “there is evidence that all it could do for a substantial portion of low- and moderate-income consumers is make their credit files worse.” That’s because some consumers tend to fall behind on their bills during the more expensive winter months, but typically catch up later in the year.
Multimedia
Graphic
Little Overall Change in Credit Scores
A New Credit Report Tracks More of Your Financial Life
What do you think of this development? Will you get a copy of this new report?
• Post a Comment

Tara Siegel Bernard
is a personal finance reporter with The Times.
• Latest Articles
And sometimes, she said, people don’t pay their rent for very good (and legal) reasons; perhaps their landlord failed to correct a vermin or hot water problem. Will that be fully and fairly reflected on the report?
Payday loans are another issue, she said. “Payday loans and other high-cost credit are very onerous, and people have trouble paying them because they have a 400 percent A.P.R.,” or annual percentage rate, she said, adding that she believes that this type of data is irrelevant for the vast majority of jobs.
Since CoreLogic is now subject to the Fair Credit Reporting Act, which governs consumer reporting agencies, you will be able to dispute any information that you believe is incorrect. But if the data is accurate, albeit unflattering, it will trail you for a long time. Information culled from public records stays on your report for about seven years (or 10 years for bankruptcies).
If you do find any inaccuracies — and the big three bureaus have been known to make their fair share of mistakes, including confusing the records of people with similar names — CoreLogic said that you can file a dispute (instructions are on its Web site). “Data dispute and correction processes are in place to ensure that any errors can be quickly and accurately resolved,” said Tim Grace, senior vice president of product management for CoreLogic. “In fact, one of the significant consumer benefits of the report is the availability of formerly disparate credit behavior data on a unified report that consumers can access, validate and correct.”
You should probably check the new credit report for any errors, so you’ll want to get a copy to review. Within a year, the new report will be available at AnnualCreditReport.com, where consumers are entitled to one free copy annually. That same rule applies to each of the big bureau’s reports on the site currently. Until the new report can be requested online, you can call 877-532-8778 to get a copy.
CoreLogic and FICO said that you will probably be able to buy the new score at some point. If you are turned down for a loan or don’t get the best rate, lenders are generally required to send you a notice that includes the score, as well as information about how your score ranks nationally and the major factors that weighed it down. But if lenders use more than one score to judge you, they can choose which one they want to include in the notice.
So while the credit bureaus may not yet know every last detail about your financial life, you should assume that they are watching.

Hey Real Investors dont use no stinking banks, You ever hear of created financing, dont need no banks, just motivate sellers........If you cant find a motivated seller to buy property from...then your paying to much. then you need a bank because they love people like you, come on people take action, get out there and work a little and find a motivated seller to will sell at a discount.. You dont need no stinking bank to buy property, if you do your in the wrong business......Action+knowledge=Success....$$$$......Just do it already. be creative think about it, stop giving these fat banks your hard earn money, use OPM money instead.........John

Invest Des Moines wrote:

Hey Real Investors dont use no stinking banks, You ever hear of created financing, dont need no banks, just motivate sellers........If you cant find a motivated seller to buy property from...then your paying to much. then you need a bank because they love people like you, come on people take action, get out there and work a little and find a motivated seller to will sell at a discount.. You dont need no stinking bank to buy property, if you do your in the wrong business......Action+knowledge=Success....$$$$......Just do it already. be creative think about it, stop giving these fat banks your hard earn money, use OPM money instead.........John

I couldn't agree more. peace,

yea best wishes to all of you from here