Committed to Success With My Business & Reclaiming My Asset
| Listing Information | |||
|---|---|---|---|
| Amount: | $17,500.00 | Status: | Loan created |
| Grade: | AA | DTI: | 22% |
| Lender Rate: | 11% | Borrower: | Reliable_Guy |
| Finished | State: | CA | |
| Funded: | 100% | Group: | BORROWERS - Free instant Listings - LARGEST GROUP |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2007-03-09 | EricsCC ROI: | 8% |
| Status History | |
|---|---|
| Mar 09, 2007 | Current |
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I am 58 years old, married for 24 years to my beautiful wife, Elizabeth. I have been self employed for almost 25 years. EXPLANATION OF CREDIT: RATING About 11 years ago I bought a tobacco shoppe here in California.Then California passed a crippling tax on tobaccos of all kinds. It resulted in the closing of over 250 small Mom and Pop tobacco shoppes. After using everything I knew to do I had to finally admit that the shoppe needed to be closed. I even went to SBA for counseling on how to revitalize my business and had to face the fact that I did not have a business that could succeed any longer. I was left with a lot of debt because I had refinanced my home and used credit cards to shore up the business while trying to turn it around. The pipe tobacco part of the shoppe was moved home and is now mail order only. To maximise the return on the inventory from the shoppe I started an eBay business called Poor Richard's Auction Action! (Poor Richard's was my shoppe's name). I am a Power Seller with a 100% positive feedback score with1,590 different clients. Another source of income is my Veteran's disability pay. I also am caretaker for my mentally and pysically handicapped sister-in-law. My wife is very physically limited and permanently in a wheelchair and I am her caretaker also. These are labors of love. WHAT I WILL DO WITH THE MONEY LOANED TO ME: One part of the loan will allow me to purchase an autoresponse to streamline the work on eBay and my web site. This will leave me time to develop new products to sell as well as give me funds to update my business web site and generate more income from it. I am allocating $1500.00 to transform and update the web site and allowing $800.00 to $1000.00 for the autoresponder. A very important use for this loan is to save the shoppe property (which is fully paid off). This property was sold to my other sister-in-law at a bargain price of $325,000.00 so that she could have it for her growing business. She is now getting a divorce. She has not been able to make payments I need to foreclose. I do not have the funds to do so. I will use $2500.00 for a real estate attorney and it will cost another $2000.00 plus for the title company to foreclose.The property is now listed to be sold for $420,000.00. The comps run on the property showed that in prime condition it was worth $500,000.00. It does need some repair thus the lower sale price. I need help to keep and sell this property myself. The real estate attorney assures me that the foreclosure will happen. HERE ARE MY MONTHLY FINANCIAL DETAILS: Net income from all sources varies because of eBay: $ 2117.00 up to approximately $4435.00 per month Spouse's Income: $ 587.00 disability Total monthly family Income $ 3587.00 averaged out Mortgage/Rent: $ 1824.00 Phone: $83.50 includes business DSL connection Gas: $ 85.00 Electricity & Water: $ 250.00 Car Loan and Operating Expenses: $ 200.00 gasoline - handicapped van paid for Food: $ 290.00 Clothing, expenses for children, etc. $ 100.00 Credit cards and loans that won't be paid off with my Prosper loan: $ 0 Other: $ 150.00 ----------------------- Total Monthly Expenses : $ 2982.50I will have $605.00 left to make the payments on my Prosper loan. CLOSING REMARKS TO LENDERS: I will be able to take my eBay home business to the next level and also start another income stream from my web site plus save my property that is for my families retirement. I sincerely hope that you will find me a worthy investment. I will put paying my loan above all other considerations. Thank you for reading my request. |
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