Entrepreneurial Mommy
| Listing Information | |||
|---|---|---|---|
| Amount: | $25,000.00 | Status: | Loan created |
| Grade: | AA | DTI: | 0% |
| Lender Rate: | 17% | Borrower: | Trueblue1964 |
| Finished | State: | MA | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | 3 months late | Origination Date: | 2007-06-22 | EricsCC ROI: | -30% |
| Status History | |
|---|---|
| Jun 21, 2007 | Current |
| Sep 06, 2008 | Late |
| Sep 23, 2008 | 1 month late |
| Oct 23, 2008 | 2 months late |
| Nov 23, 2008 | 3 months late |
|
Purpose of loan: I'm an extremely driven entrepreneurial mom in the early stages of a great direct sales business I run at home. I'm building this business to gain financial freedom and freedom of time for myself and for my family - so we each have the chance to fully enjoy the opportunities our great country offers (without being slaves to the corporate rat race or digging for loose change in the sofa cushions!). Currently, I'm not otherwise employed (income $64K through Dec. 06). While I was employed for over twenty years as an Executive Assistant to CEOs and CFOs in the corporate world and made from $60K to $80K per year, I gave this up to be a stay-at home mom - and recently embarked on my business venture, supporting it and my part of my family's living expenses using savings. I'm selling a piece of real estate I own to further invest in my business marketing initiatives, as well as to allow me to contribute meaningfully to my family's living expenses (including paying this loan) while I work toward profitability in my business. The purpose of this loan is to carry me over until I receive the proceeds from the sale of my property (currently on the market, but not yet under agreement...anticipated cash from sale a conservative $80K). My financial situation: Until my property sells (I'm guessing 3 mos), I need a "bridge loan". I'm carrying debt resulting from a previous marriage and divorce (it's important to note that most of this is "on paper" only, appearing on my credit report, but designated by the Court as my ex-husband's responsibility. But, yes, while he must legally refinance to get my name off that debt, for now it adds to the debt-burden on my credit). Eliminating my portion of the debt was among my objectives when I started my business. And it?s probably no surprise that it's a big Catch-22 - that I need to get rid of that debt to free up my financial resources (i.e., burden on my credit report) so I can adequately fund/invest in my business - so it can generate profits!The long and the short of it is that until my real estate sells I'm living off my dwindling savings and the patience of my husband in faithfully helping me. So, how do I plan to use this $25K "bridge loan?? $5K for marketing/business expenses, $5K for product training & materials, and a safe $15K balance for supporting living expenses (including monthly payments on this loan) & emergencies until my real estate sells.Thank you for your consideration. I look forward to being a Prosper lender in the not-so-distant future! |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 151578 | Entrepreneurial Mommy - Business Expansion | AA | $25,000 @ 17% | Jun 13, 2007 | Withdrawn |
| 264874 | Reinvesting In Prosper | A | $3,091 @ 10% | Jan 15, 2008 | Expired |
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