Business Expansion Loan
| Listing Information | |||
|---|---|---|---|
| Amount: | $25,000.00 | Status: | Loan created |
| Grade: | AA | DTI: | 21% |
| Lender Rate: | 13% | Borrower: | Nugent |
| Finished | State: | IL | |
| Funded: | 100% | Group: | Big Sky Dreamers |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | 2 months late | Origination Date: | 2007-06-13 | EricsCC ROI: | -30% |
| Status History | |
|---|---|
| Jun 13, 2007 | Current |
| Aug 30, 2008 | Late |
| Sep 10, 2008 | Current |
| Sep 28, 2008 | Late |
| Oct 14, 2008 | 1 month late |
| Nov 14, 2008 | 2 months late |
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For those of you who bid on this loan before: Thank you for your confidence in us. The loan was fully bid and was accidentally cancelled by Prosper. We had no recourse but to relist. Although this will delay our initial opening to June 15th, it should not impact us beyond that slight delay. What this Loan is for: In March of 2007, I was introduced to a new Internet development known as Second Life. Although at first I thought it to be nothing more than a game, I noticed the numbers were skyrocketing and trade in this new system was running even higher - with well over $1,500,000 being spent per DAY! After some research, we found that this ever expanding market had a great niche - which as of yet no-one has tapped into. So we began developing Avatrait.com. Second Life is growing by 50,000 users per day. In the short two months of our initial development, we have seen the numbers grow from 2.2million to over 6.8million. We anticipate this continuing at the same rate or higher for a number of years to come. To date, we have set up our company, rented office space, purchased furniture, equipment and supplies and have done the background work to begin operations - which is what this loan is for. Use of Loan Proceeds: We plan to use the loan to cover operating expenses for the first three months of operation (beginning June 15, 2007) Total Loan: $25,000.00 Rent $1,250/mo $3,750 Tel, Utilities, Internet $ 450/mo $1,350 Salaries and Wages $2,400/mo $7,200 Marketing and Advertising $1,500/mo $4,500 Additional Website Develop. $4,000 $4,000 Supplies and Office Exp $250/mo $ 750 Cash Contingency $3,150 Closing Costs $350 This loan will fund the initial operation of the company for three months, allowing it to develop a strong recurring sales channel.We conservatively anticipate sales to run at about $12,000 to $14,000 per month, which will allow us to not only cover operating and Prosper loan repayment costs, but also to grow the company.We invite you to visit us at www.avatrait.com or visit us on Second Life on Simuality Island (search for avatrait)Thank you - and we hope to see you at the grand opening |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 141544 | Business Expansion Loan | AA | $24,000 @ 15% | May 23, 2007 | Cancelled |
| 313701 | Bridge Loan | A | $5,750 @ 14% | Apr 18, 2008 | Expired |
| 319262 | Help our business grow - again | A | $5,750 @ 14% | Apr 28, 2008 | Loan created |
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