FAMILY RUN DOT COM READY FOR EXPLOSIVE GROWTH
| Listing Information | |||
|---|---|---|---|
| Amount: | $20,000.00 | Status: | Loan created |
| Grade: | C | DTI: | 32% |
| Lender Rate: | 18% | Borrower: | Nowitzki41 |
| Finished | State: | TX | |
| Funded: | 100% | Group: | BORROWERS - Free instant Listings - LARGEST GROUP |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | 4+ months late | Origination Date: | 2007-03-22 | EricsCC ROI: | -43% |
| Status History | |
|---|---|
| Mar 22, 2007 | Current |
| Mar 08, 2008 | Late |
| Mar 23, 2008 | 1 month late |
| Apr 23, 2008 | 2 months late |
| May 24, 2008 | 3 months late |
| Jun 23, 2008 | 4+ months late |
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What the loan is for? This loan is for for additional capital to grow my wife's online dog boutique business. MillionDollarMutt.com was started about one year ago and we have already grown it to $5000 monthly revenue & 15000 visits a month. We have a high profit margin (50-70%) and very little in the way of business expenses. We started the business with 30k of our own money and later added 25k. The business has been turning profit since 3rd month but we have never taken salary or profits out. We have retained all earnings in the business to grow it further and are able to support ourselves on my income. We have a business plan developed to perform extensive SEO work, broaden our product selection, increase our inventory, enhance the site, and increase our advertising. The plan will require about $45k. I am able to contribute more than half, and the rest is where you come in! My Credit My credit has recently slipped below 700 due to inquiries and new accounts. The 7 delinquencies are all over 4 years old: a voluntary repossession that shows up twice (the original creditor and someone who bought the debt) from 2002, 2 late pays in early 2003, 2 bad checks for $80 and $260 from 2001(which were repaid to debtor but Telecheck won't remove from my credit), and a charge off for $300 from 2003. I have not missed a payment of any kind in 4 years. I have 9 open lines of credit: 3 real estate, 3 cars and 3 credit cards. The 5 inquiries are from purchasing a car for my sister-in-law, purchasing an investment property, request for a signature loan from 2 different banks (both declined) and ? on the 5th. I have had no problem getting any kind of mortgage or auto note - but unsecured debt has been difficult. My Employment, Income & Assets I have been a Financial Planner for 7 years. I was recruited away from my former company and changed employers effective 1/1/07 with a better compensation plan. I am still in the same field, retained all of my clients, and am now with a stronger company. I conservatively stated my income at $120k because I wanted to have no problems proving income to Prosper. In reality my total income is about $250k but I do not have all 06 tax doc's yet . We have a net worth of 400k+, but very little liquidity which is why we are seeking additional funding. The business is worth about 40k based on assets and maybe as high as $100k on the market - but is not very liquid or useful as collateral. Our home has about 80k in equity, but in my state you can only do 80% financing on a refi, so it is impossible for us to tap that equity unless we move. We have 100k equity in an investment property that I cannot readily get cash out of (leased). I also own 10% of a $2 mil Lmtd Prtnrshp but there is no market for my shares so I am kind of stuck receiving dividends. Comments Our little dot com is already generating enough profit (that we are not using) to support this loan - but, should it struggle at all, I have the discretionary income to more than cover it.I am a big believer in capitalism so I am going to let the "market" determine what the appropriate interest rate is for this loan. I am starting the bidding at 29% - which seems to be well above a risk appropriate rate for me. Happy Bidding and thank you for your support of a blossoming family business - BARK ON! |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 105161 | A MILLION DOLLAR MUTT FOR ONLY $25K | C | $25,000 @ 22% | Mar 01, 2007 | Withdrawn |
| 105624 | GROWING FAMILY BUSINESS NEEDS CASH TO GROW | C | $25,000 @ 28% | Mar 02, 2007 | Withdrawn |
| 259170 | Existing Prosper Borrower - NEVER LATE! | E | $8,500 @ 8% | Jan 02, 2008 | Expired |
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