Funds Needed Until Year End Commisions
| Listing Information | |||
|---|---|---|---|
| Amount: | $10,001.00 | Status: | Loan created |
| Grade: | B | DTI: | 55% |
| Lender Rate: | 18% | Borrower: | fredbutts |
| Finished | State: | NH | |
| Funded: | 100% | Group: | 435 Supporting Lenders - Get FUNDED @ LOWER % than ANY group |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Paid | Origination Date: | 2006-06-06 | EricsCC ROI: | 17% |
| Status History | |
|---|---|
| Jul 12, 2006 | Current |
| Dec 13, 2007 | Payoff in progress |
| Dec 18, 2007 | Paid |
|
Dear Lenders, I am the Vice President of sales and marketing working with a small start up company for the last three years. We make Specialty Textiles and Garments in Asia, and import them back into the US under private label brands like REI, LL Bean, Woolrich, Devon and Jones, Harvard Square and many others. I have worked myself in this industry for over 16 years. I am by choice not a principal in the company, but instead choose a compensation package of un-limited earning. In other words no earnings cap. I have been putting everything I have into this venture for the last 3 years. As you can imagine it has taken incredible time ad financial commitments. I am very happy to say that it has finally paid of this year. We have contractual PO?s and forecasts from A grade companies for $5-7mm in sales this season/ year. My commissions on my portion of these orders will result in about another $100,000-120,000 paid to me between the months of October and March of next year. THIS IS ABOVE AND BEYOND MY CURRENT $80,000 SALARY. This will be the last year I should need to fall into the borrower category here on prosper, as my income from this year forward should be strong enough to live very comfortably with good discipline. My need for this loan comes in that we can not pay our commissions until we ship the goods to the customers and give them 30 day payment terms. We start shipping goods into the customer?s warehouse around the end of August and forward. I need this money to help bridge the time between now and then. It will be used to make sure I am not late any of my primary payments, and probably to pay off one or two revolving credit cards to keep my Debt to income ratio as close to 50% as possible. Speaking of this, I know my Debt to Income Ratio is high at 50% before loan, but my credit score is a strong B. I have waited and waited before coming to prosper to make sure I have these large guaranteed additional commissions coming in at the end of this year. I am not sure if the loans in Prosper can be paid of early or not. It would be my wish to do this, understanding if there was some reasonable early payment fee involved. I am a very sincere and honest individual. If you have any additional questions please do not hesitate to ask, and I will answer you promptly. You can also read my profile to give you just a little more information about me personally, as well as request any additional information and photos that would substantiate the business I work in. Thank you for your consideration. Best Regards, Fred [LAST NAME DELETED] |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 15419 | Get me through March 2007 when my commisions are paid | B | $18,000 @ 14% | May 23, 2006 | Withdrawn |
| 15533 | Monies to Bridge Gap until Commisions | B | $18,000 @ 24% | May 24, 2006 | Withdrawn |
|
Discussion For This Listing
|
||
|---|---|---|
|
No Comments Found For This Listing
|