Refnancing
| Listing Information | |||
|---|---|---|---|
| Amount: | $20,000.00 | Status: | Loan created |
| Grade: | AA | DTI: | 3% |
| Lender Rate: | 10% | Borrower: | BreakthroughManagementGroup |
| Finished | State: | CO | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Paid | Origination Date: | 2007-09-24 | EricsCC ROI: | 10% |
| Status History | |
|---|---|
| Sep 23, 2007 | Current |
| May 01, 2008 | Payoff in progress |
| May 06, 2008 | Paid |
|
I've relisted this. Thank you to everyone that bid the first time. I think the combination of a couple of things kept it from looking likely to fund the first time. 1) a $25K loan, so I've lowered it to $20K, 2) the max interest rate was perhaps too low--so if you bid the first time, please feel free to jump back in (maybe even with a little more $$) at this higher rate and earn more interest. Even at 12.5% it lowers my cost of capital on debt that's easily serviced now, so it's still a no brainer. Purpose of loan: I am the CEO of a $30 million + business that specializes in leading other companies through the implementation of business process improvement methodologies. Years ago I borrowed money at 15% interest to acquire a small company in South Africa. Now I'm lookinng to refinance that at a lower interest rate. Even though I own an 8-year old business that has been profitable and growing since its inception, the banks view me as a sole proprietership and with the recent squeeze on the credit markets, they've asked me to wait to refinance this debt until next year. I say that's absurd. One of the things my company teaches clients--and one of my personal areas of expertise--is innovation. In fact I was recently named Inc.com's resident innovation expert and author where I now have a monthly column. I also teach innovation to large corporations. Prosper is an innovation in social networking that has come up many times in my classes and now I'm going to use this as an opportunity to "practice what I preach" and demonstrate what a great system this is. My financial situation: Neither myself or my company has ever missed a debt payment of any kind. This is a small loan relative to my personal or company income. While it makes good financial sense, it is mainly for the experience. Monthly net income: $ 65,000 Monthly expenses: $30,000 My business is privately held so I do not make detailed financial information available to the public, however serious lenders are welcome to talk to my CFO, external accountant, or banker. I am refinancing company debt and the company had a net income of over $1 million in 2006 and will be well over $2 million in 2007. My company's web site can be found at www.BMGi.com |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 197376 | Refnancing | AA | $25,000 @ 9% | Sep 04, 2007 | Withdrawn |
|
Discussion For This Listing
|
||
|---|---|---|
|
No Comments Found For This Listing
|