Never missed a payment, upgrading business at state cap
| Listing Information | |||
|---|---|---|---|
| Amount: | $10,000.00 | Status: | Loan created |
| Grade: | D | DTI: | 1,001% |
| Lender Rate: | 19% | Borrower: | castlebridge |
| Finished | State: | CO | |
| Funded: | 100% | Group: | Lend2's Group |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Default | Origination Date: | 2007-06-14 | EricsCC ROI: | -65% |
| Status History | |
|---|---|
| Jun 15, 2007 | Current |
| Aug 29, 2007 | Late |
| Sep 15, 2007 | 1 month late |
| Oct 15, 2007 | 2 months late |
| Nov 23, 2007 | 3 months late |
| Dec 15, 2007 | 4+ months late |
| Nov 15, 2008 | Default |
|
I have never missed a payment, I have no delinquencies and I will repay this loan. Currently the business has $90,000 in assets that can be liquidated to guarantee payment. LOAN PURPOSE I would like to use this loan to update the salon. The computer system, the office network, and the software need to be updated and are the most pressing issue. Distribution of Funds: - New exterior sign: $3,500 We are on a corner unit and need two signs. - Software program: $3000 - Front desk point of sale system: $1000 - Back office computer: $1000 Updating the computer system and software will increase our efficiency, decrease cashier error, and allow us to provide better service. - Security system: $1000 This addition will help us decrease loss through theft. - Prosper fee and misc.: $500 Total amount needed: $10,000.00 EXPLANATION OF CREDIT PROBLEMS I have never missed a payment, I have no delinquencies. I understand that based on the numbers I look high risk and for this I am willing to pay a higher interest rate to make it beneficial to the people who bid on my listing. Currently there are three things affecting my credit score. 1. Self-employment: I have not owned my own business long enough to have a tax return or other verifiable proof of income. This directly affects the debt to income ratio. 2. Number of inquiries: In the past year I purchased a used vehicle, purchased a business, and opened some business credit card accounts. I looked around at different options and each time a credit report was pulled. This led to more than six inquiries which is considered high risk. 3. Available revolving credit and balances: I have been given generous credit limits due to great credit scores (which is my norm). I financed a portion of the business purchase using my credit cards and have a few that have a balance over 50% of the available limit. This along with the fact that my income has not been verified yet has added to the reduction in my credit score. BUDGET Business Revenue for Past 6 Months: {Dec., 06}: $18,000 (1/2 month) {Jan., 07}: $34,327.62 {Feb, 07}: $35,471.58 {March, 07}: $36,0571.00 {April, 07}: $36,941.77 {May, 07}: $35,372.56 Major Business Expenses include Rent: $4,950 Payroll: $11,000 (varies depending on sales) Business Loan: $3,000 Product and Supplies: $4,000 Everything else (insurance, tax, utilities, etc.) $9,000 I will repay this loan! Thank you for taking the time to consider my request! Please let me know if I can answer any questions. Thanks |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 137570 | 28 year business, needs makeover | D | $20,000 @ 19% | May 14, 2007 | Withdrawn |
| 140588 | I need 200 people to bid $77 for a business upgrade | D | $15,500 @ 19% | May 21, 2007 | Expired |
|
Discussion For This Listing
|
||
|---|---|---|
|
No Comments Found For This Listing
|