Business seeks to pay personal credit card debt
| Listing Information | |||
|---|---|---|---|
| Amount: | $25,000.00 | Status: | Loan created |
| Grade: | A | DTI: | 10,000% |
| Lender Rate: | 22% | Borrower: | sunroof |
| Finished | State: | CA | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2007-04-23 | EricsCC ROI: | 18% |
| Status History | |
|---|---|
| Apr 24, 2007 | Current |
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Purpose of loan: My company has bank lines of credit, and I have also recently used personal credit card debt to fund it. I am seeking to pay off the personal credit card debt, which I have used over the last year to fund a transition in the business. Explanation of my high DTI: My company is cash flow positive, but it is a subchapter S corp, which means that the total profit or loss flows through directly to me for tax purposes.Given the interest deductions from the payments on my house in the San Diego area, and the interest I pay on the credit cards I have used to fund the business for the last year, my personal income tax statement shows a loss. Prosper doesn't let you enter negative income, so I think it is dividing my debt by some low positive amount to calculate my DTI. But I think my A credit rating shows that I have the cash flow to pay my debts. Company background: My company started in business reselling used phone and computer equipment. I recently completely phased out of that business to focus on the development of the domain names I own. In the process, I took on some personal credit card debt, which I would like to replace with debt from Prosper lenders. My company is a California corporation started in 1990, and operates several developed and long established web sites. And, over the years, I acquired several hundred desirable domain names. One of my developed sites is UsedPhone.com, which is a marketplace for used phone equipment, both cellular and large systems. I allow individuals to place a free ad to buy or sell their own phone, and I charge dealers who want to place a quantity of ads. I also make money from Google AdSense. If you search on 'used phone'or 'used phones' in Google, UsedPhone.com is on the first page of results, usually anywhere from the first to the fourth listing. Even though many cellular phones have little or no resale value, many people damage or lose their phones, and my goal with UsedPhone.com is to create a marketplace where anyone can quickly find a cheap or free replacement phone in their local area, either from another private party or local dealer. The other domain names my company owns are short, generic domain names in markets such as computers, cars, drugs, clothing, used equipment and more. I also own many memorable, unique names that are not product specific. These names are becoming popular as companies get more interested in creating a unique market presence. Summary: In short, the prospects for my business are good. My developed sites make money and are growing. I have good names to develop more sites, and the value of domain names is growing, so I can also sell names that I'm not interested in developing. If you need more information or would like to verify the information presented here, please feel free to email. Thanks. |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 120016 | UsedPhone.com seeks development funds | A | $25,000 @ 13% | Apr 06, 2007 | Withdrawn |
| 341146 | 2nd time Prosper borrower seeking to lower rate | B | $7,000 @ 23% | May 29, 2008 | Expired |
| 345275 | 2nd time Prosper borrower seeking to lower rate | B | $7,000 @ 23% | Jun 05, 2008 | Expired |
| 350007 | 2nd time Prosper borrower seeking to lower rate | B | $6,900 @ 23% | Jun 13, 2008 | Withdrawn |
| 357020 | 2nd time Prosper borrower seeking to lower rate | B | $7,500 @ 28% | Jun 25, 2008 | Withdrawn |
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