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June 7, 2007
Help me loan my brother money to start a construction business!
I have lent family and friends money many times. Usually I do it as a gift because dealing with the overhead and potential negative relationship implications of a loan gone bad is not worth it. But when you are talking real money, having a way to simply manage the loan has been a big thing I have been looking for. The other missing piece is what if I want to syndicate part of that loan? Along comes Prosper. I signed up a couple months ago as a lender and have some money to work a very attactive rates now.
Last week my brother asked for a $25,000 loan to start a construction business. Of course I said yes, but then I got to thinking, could I syndicate this and potentially get my brother a better rate and make administration easier? Yup: Help me start my brother's construction business (Loan listing #148143) - Prosper. I am basically putting my credit on the loan to underwrite it. If i get a better rate than I would loan directly to him, I will pass that along to him. He gets a better rate, I get syndication and loan administration. Pretty cool concept eh?
Posted by Martin at June 7, 2007 10:22 AM
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