RE-LIST: Have Stability, Have Assets and Sales!

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Listing Information
Amount: $2,550.00 Status: Loan created
Grade: E DTI: 53%
Lender Rate: 18% Borrower: WalyaWalya
Time Left: Finished State: CA
Funded: 100% Group: BORROWERS - Free instant Listings - LARGEST GROUP
Loan Information
Loan Status: Current Origination Date: 2007-03-20 EricsCC ROI: 13%
Status History
Mar 18, 2007 Current
ABOUT ME (Stability):

Thank you for reading my listing! I am 56 years old and have been a resident of Orange County, California for 24 years living mostly in Huntington Beach and Westminster. I am rooted here, as my mother and sister live close by me, and my business and personal support group is here. I also serve in my church as the Executive Secretary to the Bishop, so I have stability and strong ties to this area.

EXPLANATION OF BAD CREDIT: 

Last year my credit score was above 700. My earnings were low (business startup), and as a commitment to my creditors, I sold several of my personal assets to keep my payment history 100% current. I increased my personal indebtedness during 2006 in order to support my small company through a difficult startup period, and a portion of my personal credit is actually business credit. That dropped my score to its current 625 (Trans Union). Some late pays beyond 4 years ago were from being out of work most of the year 2000 and hospitalization with Pneumonia, and recovering from that. However, I have shown a perfect payment history over the last 4+ years, and I am reliable.

WHAT I WILL DO WITH THE MONEY LOANED TO ME:  

I started my company in October 2005, where I distribute wholesale nutrition to day spas, medical spas, chiropractors, and fitness professionals across the USA (see www.tren.net). Also, I am the exclusive U.S. importer of a beautiful line of women?s comfort shoes from New Zealand clearing U.S. Customs on March 12th. These shoes are prepaid and ready to ship to accounts. This is a new product for the American market and I have accounts that are very interested in ordering when they arrive: So, I just need a small financial bridge while I get the shoe line up and running.

I purchased $10,900 in shoes inventory to start sales of a new women?s shoe line in the U.S. which resulted in my nutritional inventory getting depleted in order to pay some import fees and charges for the shoes. I desire a bridge loan of $2,550 to replenish my stock of nutritional products which have been the mainstay of the business.   

HERE ARE MY MONTHLY FINANCIAL DETAILS:  

I now have a full time job (afternoon and evening) as a Customer Service Rep working for a packaging company, which takes the burden off of my business to provide for me. My new annualized income is $24,960, and with expected average weekly overtime of 2 hours per week it is actually $26,832. This covers my monthly personal expenses (Rent $995, Cargo Van $616, Revolving Debt $310, Car insurance $71, Gas $75, Incidentals $50). A few other expenses are paid by my business. I am not currently drawing a salary from my company, so that it can build, and I work my business in the mornings.
 
The Prosper loan payment can easily be paid from company cash flow. Simply stated, the cash flow from the sale of 2 pair of shoes per month services the monthly Prosper debt, because the shoes are paid assets (405 pair in stock). Last year, average monthly sales of nutritional products were about $3,000. The shoes should add sales of another $4,000/mo for total average sales of $7,000/mo at 30% profit ($2,100 net income). Current fixed business expenses average about $1,300/mo. This allows $800/mo projected profit that can be applied to the Prosper loan. 

This is an exciting company to watch grow. It has a profitable future! Please help me with this transition into women?s shoe sales. Thank you!
Borrower's Other Listings
101332 New Zealand Comfort Casual Womens Shoes - Exclusive Importer E $17,000 @ 20% Feb 19, 2007 Withdrawn
101473 New Zealand Comfort Casual Womens Shoes - Exclusive Importer E $17,000 @ 20% Feb 19, 2007 Expired
105270 Have Assets, Need a Bridge (Re-list) E $5,900 @ 21% Mar 01, 2007 Expired
362450 Business Expansion ? Heart Disease: #1 Killer of Americans!! C $4,800 @ 25% Jul 05, 2008 Expired
366201 Re-List: My Business Helps People with Heart Disease!! C $4,800 @ 25% Jul 12, 2008 Loan created

 

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