Let’s fix up this desperate landscape: My Prosper Loan Request 1

When I submitted a request for funds for my landscaping project to Prosper, one lender had a very interesting question. I considered it carefully, and then discovered my ultimate answer was far too long for Prosper’s format. I shortened my answer, but the lender who asked decided not to fund the loan request.

I can’t help but think the problem was that I could not fully answer, given Prosper’s constraints.

My loan request:

Purpose of loan:
This loan will be used to re-habilitate a landscape gone out of control. Really. My neighbors are having secret meetings and collecting tar and feathers to kick me out of the suburbs, my landscape is so out of control. I could just mow the weeds, and be done with it, but I would also like to be green and get rid of several invasive species that the previous owners planted. The landscaping plan I’m pursuing concentrates on being green, requiring little water (xeriscaping), and using native prairie species that require little or no maintenance.

My financial situation:
I am a good candidate for this loan because I have little or no credit card debt, and my only other debt obligations are for my house and an old student loan. My wife, who acts as our accountant, is much more responsible with money than I am with maintaining a decent landscape.

After taxes, I net about $4600/month. Here are my debt obligations:

Mortgage – $1600
Student Loan – $ 165
—————————–
Total -$1765

That leaves $2835 for other expenses. I am maxing out my 401k contributions, and we re-direct $600+/month to a money market account for “a rainy day”. I believe I could easily meet this obligation and can cover it should something unfortunate happen.

The question:

Q: Hello. Can you provide a breakdown of the purpose of the $25,000 loan.
How much for xeriscaping? Indigenous prairie plants ought to be cheap.
Where’s the money going? Thanks. -saabselr

The answer I would have liked to supply:

A: No problem.

This is actually a big project, so I do have some estimates. The range we’re looking at is actually around $30K. The balance I’m covering with cash on hand.

• First phase: Raze most of the existing “landscaping” and smooth out the topography. This includes removing several Japanese Barberries, some unfortunate plum trees and some Buckthorn. Smoothing out the topography includes removal of a badly planned raised garden bed created by the previous owners. This phase also includes sod/weed removal and soil preparation for the natives.
  Cost for first phase – $7,500
• Second phase: Hard-scaping. We would like to put stone borders near the
  fence as a sort of barrier betweeen the neighbors’ plants and ours. The borders also make things look nice. There a short walk in the front that we’re replacing with a cobble-stone walk for aesthetics. There is also a really hideous corridor between the South side of the garage and the fence that we would like to keep clear and beautify with some flag-stone steppers.
  Cost for second phase – $10,000
• Third phase: Even though it’s non-native, I have found a very effective no-mow grass seed mix that requires little water once established and that requires mowing only twice a year. Right now, it’s a toss-up between this no-mow grass for the lawn areas or a mixture of plugs consisting mostly of lawn-type cultivars of native buffalo grass and blue grama.
  Cost for third phase – $5000
• Fourth phase: I am converting about a third of the area to native forbs and grasses.
  I’m including grasses like Prairie Dropseed, Indian Grass, Bottlebrush Grass, Rattlesnake Master and Little Bluestem. Forbs (wildflowers) will include a wide variety ranging from Sweet Joe Pyeweed, Wild Bergamot, and Woodland Sunflowers to Downy Phlox, Stiff Coreopsis, Pale Purple Coneflower, and Prairie Blazingstar. This phase includes purchasing the plants, shipping, planting, mulching and initial waterings.
  Cost for fourth phase – $7,500

Native prairie plants are not easily cultivated, and not carried by most nurseries, so their cost might surprise you. For example, 25 plugs of Buffalo Grass costs about $50, while a gallon-sized field clump of Prairie Dropseed can cost up to $20. And 3 inch potted forbs and ornamental grasses average around $3.00 apiece — you need about 70 potted plants to cover an area of about 100 square feet, and I’m trying to cover about 2000 square feet. So that 2000/100 * 70 * $3.00 = $4200 just for the plants.

It’s a big project.

If I re-submit this loan request, I plan to summarize my answers on Prosper and refer lenders and curious onlookers to this site for a more complete picture of the project.