As a follow up to my post last week on tracking the status of my Prosper loan, I wanted to provide the overall status of the income that I have generated in relation to the money that I have borrowed. The following list shows details pertaining to the loan that I have taken out through Prosper.
- Loan Amount - $1,000.00 (APR - 7.688%)
- Prepaid Finance Charge - ($25.00)
- AMOUNT FINANCED - $975.00
The details of the interest & principal associated with the loan are as follows -
- Amount Financed - $975.00
- Finance Charge (Charges & Interest) - $120.07
- TOTAL OF PAYMENTS - $1,095.07 ($30.41 per month)
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As I mentioned last week in my post - Tracking the status of my Prosper loan - June (2008) Part 1, I had invested in shares of FRO (Frontline Ltd.) with the funds from the loan. The following list details the total available funds from my Propser loan after the FRO transaction.
- Total Return from FRO - $189.09
- Amount Financed - $975.00
- TOTAL AVAILABLE FUNDS FROM LOAN - $1,164.09
Once I received the funds in my account from the FRO transaction, I made an additional move to reinvest the proceeds into another stock that I currently owned in my portfolio. I purchased additional shares of HTE (Harvest Energy Trust) with my funds. I felt comfortable with this stock as it pays a nice monthly dividend and fits with my overall strategy for investing. The following list details my transactions for purchasing shares of HTE (Harvest Energy Trust).
- Bought HTE - I purchased 46 shares of HTE for an average price (commision included) of $24.99 (Total $1,149.54).
- Sold 1 Covered Call Option - I continued with my Covered Call Options strategy and purchased an addtional 54 shares of HTE stock out of other funds to get to the 100 shares of stock required to sell the options contract. I then sold 1 Covered Call Option contract for August $25. The proceeds of this transaction for the 46 shares associated to the loan money was $40.20.
I will continue to update my readers on my progress with these funds when changes occur in the portfolio. My current return (prior to the HTE transactions) for my funded loan is -
- Total Payments for the loan (36 months) - $1,095.07
- Total Assets Available - $1,164.09
- NET TOTAL - $69.02
At this point, I am up $69.02 when factoring in the total amount owed on the loan over the course 36 monthly payments. If I were to pay off the loan in its entirety right now, I would be up even more. However, I believe that I can continue to return above the APR 7.688% on the loan which will continue to bring in positive cash flow and move my family one step closer to our financial goals!
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