Start-Up Seeks Bridge
| Listing Information | |||
|---|---|---|---|
| Amount: | $25,000.00 | Status: | Loan created |
| Grade: | B | DTI: | 101% |
| Lender Rate: | 22% | Borrower: | robarnum |
| Finished | State: | CA | |
| Funded: | 100% | Group: | Lend2's Group |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Paid | Origination Date: | 2007-05-24 | EricsCC ROI: | 21% |
| Status History | |
|---|---|
| May 25, 2007 | Current |
| Aug 08, 2009 | Late |
| Aug 25, 2009 | Current |
| Mar 11, 2010 | Late |
| Mar 26, 2010 | 1 month late |
| Apr 06, 2010 | Current |
| Apr 08, 2010 | Late |
| May 01, 2010 | 1 month late |
| Jun 08, 2010 | 2 months late |
| Jun 25, 2010 | 3 months late |
| Jul 25, 2010 | Default |
| Jan 05, 2012 | Paid |
|
INTRODUCTION Thank you for taking the time to read my loan request! My name is Rob. I recently launched my third start-up in February, 2007 (the first two still thriving in the technology market). I live in the San Francisco Bay Area with my fiance and 3 1/2 year old son along with a new puppy recently adopted from ARF (Tony La Russa's adoption center). I've spent the last few years working in the film world, having begun my career in the internet space. Having successfully distributed such films as THE OH IN OHIO (starring Danny DeVito, Parker Posey, Paul Rudd, Mischa Barton and Liza Minnelli), I've officially launched a new distribution company and begun raising our Series A. To date, we have commitments for the first few hundred thousand dollars, but need a bridge loan to cover our immediate legal and operating costs. LOAN PURPOSE This loan will allow us to cover our legal costs while we finalize our securities documents (term sheets, etc) for our investors and cover other immediate overhead costs that the company faces, such as delivery for our first acquisition, insurance, rent, etc. The loan should only have to sustain us for 60 days or so by the time the investors money posts in our account. Distribution of Funds: - Delivery Costs for 1st acquisition: $9,000 - Legal Costs: $7,000 - Office Overhead: $9,000 EXPLANATION OF CREDIT PROBLEMS My credit is okay, having taken a slight hit insofar as I've been using my own credit and savings accounts to cover overhead and other start-up costs over the last four months. I didn't want to use any "relationship capital" on our Angel Investors by coming to them for a bridge loan, saving the solicitation for our Series A, thus have turned to Prosper...And while my income to debt ratio appears high, it's due to the lacking paycheck given we're a start-up, coupled with the debt I've accrued while launching. However, as the investors money comes in, I will begin accepting a paycheck, drastically adjusting this ratio. BUDGET Monthly Income: My Income: N/A Personal Expenses Before Prosper Loan: Credit Cards/Loans: $700/month Rent/Mortgage: $1400/month Car Payment: $350/month Insurance: $200/month Utilities (phone, cell, gas, electric, water): $350/month Food: $750/month Clothing: $100/month Entertainment: $250/month Medical: $200/month Miscellaneous: $250/month TOTAL EXPENSES: $4200/month LEFT OVER: $-4200 {Income - Expenses} *Company Expenses Before Prosper Loan are articulated above Changes After Prosper Loan: Prosper Loan: $25,000 Credit Cards/Loans: $700/month TOTAL EXPENSES: $4200/month LEFT OVER: $-4200/month {Income - Expenses} Upon conclusion of legal docs (2 weeks), we will escrow first $100,000 with additional $100,000 committed to arrive in June, followed by p & a monies ($320K) arrival in July. Business Revenue for Past 6 Months: We're scheduled to release our first film in August with funds in place and coming into our account in July?no revenue to date, but low burn CONCLUSION Happy to provide additional details on nature of venture? Thank you for taking the time to consider my request! Please let me know if I can answer any questions. Sincerely, Rob |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 132802 | Start-Up Seeks Bridge Loan | B | $25,000 @ 17% | May 04, 2007 | Withdrawn |
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