Purchasing Existing Business
| Listing Information | |||
|---|---|---|---|
| Amount: | $25,000.00 | Status: | Loan created |
| Grade: | A | DTI: | 45% |
| Lender Rate: | 16% | Borrower: | Aintnobugsonme |
| Finished | State: | FL | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | 4+ months late | Origination Date: | 2007-08-06 | EricsCC ROI: | -56% |
| Status History | |
|---|---|
| Aug 03, 2007 | Current |
| Jul 22, 2008 | Late |
| Aug 07, 2008 | 1 month late |
| Sep 07, 2008 | 2 months late |
| Oct 07, 2008 | 3 months late |
| Nov 07, 2008 | 4+ months late |
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Purpose of loan: This loan is for the purchase of a screen repair and installation company in South Florida. Thecompany, started in 1988, is owned by a good friend, who has made this private offer well belowthe true value of the company so that I could assume the business. Last year the companygenerated over $ 600,000 leaving the seller over 35% of that as net profit. The business has noinventory or employees, since installations are done by contractor crews, all of whom intend tostay on. His suppliers have met me and are willing to offer the same revolving credit terms thatthe seller has. This is a "turn-key" handover of the business, with the seller willing to assist intraining and support throughout the transition period. The business has ongoing Yellow Pagesads, but the real money comes from the referrals generated from years of quality work and thecompany's strong regional reputation. Three years ago, I got married, and my wife and I used our savings to purchase a condo. At that time, we were not aware that this opportunity would come along. However, with the purchase of this business, my income will jump to over $ 9,000 per month, in addition to my wife's full-time salary. Currently, I am the General Manager of a distribution company, specializing in internationalsales throughout the Caribbean and Latin America. I manage many international accounts on aweekly basis, and supervise the operations of this multi-million dollar company, which I havebeen doing for the past 8 years. I intend to pay back this loan in one year or less, and then create a lending account on Prosper tohelp others to get to the next level in their lives, as I'm trying to do right now. Thank you foryour support, keeping the entrepreneurial spirit alive and keeping the banks from getting richer. My financial situation: Monthly net income: My current monthy net is $ 2,800.00 My wife's net is $ 1,800.00 Monthly expenses: $ Housing: $ 2,000 Insurance: $ 160 Car expenses: $ 440 Utilities: $ 200 Phone, cable, internet: $ 100 Food, entertainment: $ 400 Clothing, household expenses $ 300 Credit cards and other loans: $ 500 Other expenses: $ |
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