Business Expansion Bridge Loan
| Listing Information | |||
|---|---|---|---|
| Amount: | $7,500.00 | Status: | Loan created |
| Grade: | C | DTI: | 59% |
| Lender Rate: | 23% | Borrower: | caruso |
| Finished | State: | MO | |
| Funded: | 100% | Group: | PsychDoc's Group |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | 4+ months late | Origination Date: | 2007-05-25 | EricsCC ROI: | -48% |
| Status History | |
|---|---|
| May 25, 2007 | Current |
| Jul 11, 2007 | Late |
| Jul 19, 2007 | Current |
| Feb 09, 2008 | Late |
| Mar 01, 2008 | 1 month late |
| Mar 28, 2008 | 2 months late |
| Apr 26, 2008 | 3 months late |
| May 27, 2008 | 4+ months late |
|
Purpose of loan: I am in the process of expanding my preschool and child care center (not in-home care) to include additional space. We have recently acquired an additional building and now need to make improvements, purchase equipment, and have some working capital on hand. Our capacity will nearly number and we already have 30 kids signed up for the summer in the additional building. We have longer term financing that will fund within 60 days and simply need the funds ASAP to kick off the summer. We have simply over exerted ourselves financially with a recent purchase of the adjoining property (for future expansion) and the leasing of the new building. Business Background: Our business is nearly 30yrs old and very established in the community. We are state licensed and at full occupancy. My financial situation: Last year we posted a NET Profit of $60,000 and the year before it was about $45,000. My husband runs his own company and makes a large salary. (I just don't want to keep asking him for more money to expand my business) :) Last year our total household income was about $120,000. I don't like the way Prosper calculates income and DTI as it is totally off from realty. My husband pays for all of our household bills from his salary and income so my DTI is not accurate. Monthly net income: $2,000 - $3,000 personal $5,000 business. We own our own home but refinanced it about 2-3 months ago and the new loans still haven?t posted to the credit bureas. I sent in the statements to the Prosper Verification Department so they should update everything shortly. |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 139260 | Business Expansion Bridge Loan | C | $7,500 @ 18% | May 17, 2007 | Withdrawn |
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