Helping Son Start Business
| Listing Information | |||
|---|---|---|---|
| Amount: | $25,000.00 | Status: | Loan created |
| Grade: | AA | DTI: | 60% |
| Lender Rate: | 14% | Borrower: | 1bosoxfan |
| Finished | State: | CA | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Default | Origination Date: | 2007-07-02 | EricsCC ROI: | 95% |
| Status History | |
|---|---|
| Jun 29, 2007 | Current |
| Sep 17, 2008 | Late |
| Oct 03, 2008 | 1 month late |
| Nov 03, 2008 | 2 months late |
| Dec 03, 2008 | 3 months late |
| Jan 05, 2009 | Default |
|
Purpose of loan: I am a retired business owner and helping my son raise money. Following a divorce my son was left with limited funds. My credit is excellent and I have very few monthly expenses. I am confident in my son?s abilities as well as my own ability to evaluate his business and performance. This is his story: I intend to fund my share of a partnership in a new business. I have faith in my abilities, my understanding of the market, and focused industry sectors. $10,000 will go to fund my trading account and partnership obligation.$15,000 will be used for computers, software, and database subscriptions. I developed the logic behind proprietary software for evaluating stocks that will be licensed to the partnership. We are not a day traders. Day traders go after pennies. We go after dollars. We use a multi-strategy investment approach with hedging and risk protection.To date our system has yielded outstanding returns for my partners' money accounts and for my paper accounts.For example, a few recent and some ongoing investments, all with realized or locked in returns: Covanta (CVA) 60% AAR Corp. (AIR) 40% Baidu (BIDU) 50% Ensco (ESV) 4% KB Homes (put) 1045% !! Hoku Scientific (HOKU) 150% With our system losses are limited to 5% of the investment. I am a graduate of Cal Berkeley and have degrees in science and business. I have taken a company from a two-car garage start-up to a publicly traded company ran two additional companies. I'm a business development consultant in high-tech and have consulted in the biotechnology industry. I have taught business as an adjunct professor. This investment business will be my full-time job. My financial situation: I am retired, sold my home and I have no debt with very few monthly living expenses. As such, even in a worse case scenerio I am able to support the additional expense of this loan. I have many years of perfect credit to support my ability to repay debt obligations. Monthly net income: $ 2,800.00 Monthly expenses: $ 1,500.00 Housing: $ 500.00 Car expenses: $ 75.00 Utilities: $ 25.00 Phone, cable, internet: $ 150.00 Food, entertainment: $ 350.00 Clothing, household expenses $ 100.00 Credit cards and other loans: $ 50.00 Other expenses: $ 250.00 |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 294609 | Helping Son With Business And Education | AA | $4,565 @ 12% | Mar 17, 2008 | Loan created |
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