Cash Flow against 60K Receivables (relist)
| Listing Information | |||
|---|---|---|---|
| Amount: | $12,000.00 | Status: | Loan created |
| Grade: | A | DTI: | 0% |
| Lender Rate: | 15% | Borrower: | LonesomeCoder |
| Finished | State: | CA | |
| Funded: | 100% | Group: | Bay Area Entrepreneurs |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2007-08-01 | EricsCC ROI: | 12% |
| Status History | |
|---|---|
| Jul 31, 2007 | Current |
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(this is a relisting with more detail and clarification, a higher initial interest rate, and reduced loan amount) Purpose of loan: I have been a web and database developer (through agents) for some years, and am now getting my own clients and more significant projects. To close the deals, I have "financed" some recent clients for 24 months, and I now have over 60K receivables from credible clients. I am already receiving $2500 monthly on the receivables. The clients have been in business for some time, and I am hosting and hold the keys the client sites, so these are very low risk receivables. I am seeking 12K to ensure cash flow remains positive while I transition to new paying client projects (I will refrain from "financing" the new projects :) I have over 30K overhead available on my high-interest business and personal credit cards, but using that will cause my credit score to decline. Besides, I would rather give the interest to the good people at Prosper. I will be happy to show my business URLs and answer any questions to those who ask. My financial situation: My credit is good, and I have over 30K available overhead on my personal and business credit cards. I have had continuous work over the years (except for a brief period during the Silicon Valley dotcom crash) and have a great portfolio. I am receiving calls about new projects, and I expect to pay the loan off early. My total annual sales this year looks to be $120,000. I am not listed as a homeowner, but I do own property and two cabins, with only $2,600 owing. I have a PR listed which was a personal bankruptcy 5.5 years ago caused by the sudden dotcom crash. All of my work at that time was with new dotcom startups. I went from having more work than I could handle to absolutely zero work in a matter of months. The industry has stabilized since then and there is no longer the same "gold rush" mentality. There is now plenty of work for those of us who persisted and rose from the ashes. Monthly net income: $ Annual Sales Year-To-Date: $81,000 Monthly expenses: $ As an entrepreneur, life and work are very much merged. I reside in a live-work office studio which is mostly office. All receipts except basic essentials are pumped back into the business for servers and other infrastructure (over 20 servers at the moment). I cover my personal expenses with around 18K to 22K per year drawn from the business. Total revolving credit usage at the moment for both personal and business cards is approximately 25% of the total limit. |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 168972 | Cash Flow against 60K Receivables | A | $16,000 @ 15% | Jul 13, 2007 | Expired |
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