The first Lending Club loan was in January 2012 and took just a week or so to close. They take their "closing cost" out of the proceeds of the loan, so there is no money down. I used those funds to buy a single-family home that was a bank foreclosure. The property sold for $24,900 on 2/29 and I borrowed $21,000. The remaining funds for the purchase and rehab were from my own funds. I showed that property on 3/10 and had a renter in as of 3/15. Rent is $800/month for a 2bd 1ba home.
The second one was from Prosper and I received $18,000 -- this was in November 2012. I used this to buy a $23,000 single-family home (3bd 1ba) from a seller who just wanted out. There was little wrong with the property ($1500 in repairs, literally) and already had tenants. $875/month. Closing on that was 11/27 and I started collecting rent the next month. Tenants have been great and payments are like clockwork so far.
The third one was for $30,000 from Lending Club. I used that to buy a 4bd 2ba single-family from a bank (closing was 12/14), price was $24,000. I used the remainder money plus my own funds to fix up the place. This one required about $15K in rehab (most of that was a new roof). Renovation is still in progress, but close enough to being done where I had showings yesterday and took applications for renting it out March 1st for $1100/month.
All 3 loans were over 7% interest rate, which is high when compared to traditional mortgages. But they were only 3 year loans so the total amount of interest is really not too much.
The most important thing is that it allowed me to get these properties which will give me income month after month. My vacancy rate is extremely low and over all the time I have been renting out properties, I have never had to evict and the longest a property has sat vacant was 3 weeks. I believe providing high quality rentals and proper screening is the key to getting good tenants.
It's gotten to the point where I have had multiple people email/call me wanting me to buy their properties, and it's hard to pass up on some of these deals, but funding is the main issue. As a result, it looks like I will have to take a break from investing for a while.