Back For 2nd Business Expansion Loan
| Listing Information | |||
|---|---|---|---|
| Amount: | $13,750.00 | Status: | Loan created |
| Grade: | A | DTI: | 14% |
| Lender Rate: | 10% | Borrower: | Crossborder |
| Finished | State: | CA | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2007-10-10 | EricsCC ROI: | 8% |
| Status History | |
|---|---|
| Oct 11, 2007 | Current |
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Intro: Well, I?m back after paying off my 1st Prosper loan (listing # 20983). The 3rd Quarter of 2007 brought some unexpected growth for my business (explained below), so I?d appreciate your consideration of a 2nd loan request. Some of this might be a bit repetitive of the description for my 1st funded loan, but I thought it useful background: Funding Request: I am seeking a loan for my existing business (Crossborder Group Inc.) based in San Diego, CA. The funding is for equipment and some initial working capital for a new office in Baja California that we are opening to support our market research and Mexico-related services. My company is based in the U.S., and this would cover costs for opening the new office, legally forming the subsidiary, and helping offset staffing costs as our revenues grow. Since restarting my firm in early-2006, I?ve been able to go from zero to nearly $100K in revenues in the first year, and project to be nearly double that by the end of the 4th Quarter 2007. While revenues have been growing well, I also took an unplanned opportunity in August to add a suddenly available business partner that can help me grow the firm, and -- related to that -- decided to finally open our support office in the market in which we do much of our work (Mexico). This has brought me back to Prosper. Financial Situation: While my company has sufficient cash flow to pay this loan (revenues have averaged $47,000/Quarter so far this year), I am personally dedicated to paying on time (I believe my credit record and previous Prosper loan reflects this). My personal finances are: Monthly personal income: over $5500 (I?ve kept this low to keep the business growing) Major personal expenses: Mortgage: $2650 Car Payment: $265 Car Insurance: $225 Credit card: $100-200 (paid off cards and most debt with home refi in June) Day care (child): $675 Utilities: $225 [Note: the above does not include household income from wife] While the restart of my business in 2006 was a challenge, revenues have been growing (slowly but surely). I work hard to pay my debts, meet my commitments, and keep my word (as I did with my previous loan, and will again with this loan). I'm also proud that my credit listings (that I reviewed again on Experian before creating this listing) are marked "Pays As Agreed". Similar to my 1st Prosper loan, I will work hard to grow my business, and it is possible that I may pay this back before 24 months (but not likely before 12 months). Also, please note that during my previous loan, I was a member of the Professors group (and had some vetting by the Professor) but with changes on Prosper have decided to go without a group this time; and also that my homeownership was verified then (now undergoing reverification by Prosper). Business Background: I formed Crossborder Business Associates (a crossborder market research and consulting firm) in 2002 after over six years as an independent contractor on US/Mexico issues. In 2005, I took the opportunity to direct a border-related project at UC San Diego ("Borderless Innovation Initiative"), but re-started my consulting in January 2006 (under the new name of Crossborder Group Inc.) to leverage years of business contacts and experience related to Mexico, and to commercialize opportunities we had found. Our first venture (mentioned in the previous ad) hadn't generated the revenues I was hoping for (we?ll see how it goes in 2008), so I refocused in early-2007 to promote the Mexico-related research/consulting services we?d been offering for years, and have done well with that refocusing effort. Please feel free to contact me if you have any questions, and thank you for considering funding my 2nd Prosper loan. |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 20502 | Business Loan for Expansion & Growth | B | $12,000 @ 16% | Jun 19, 2006 | Withdrawn |
| 20983 | Business Loan for Expansion & Growth | B | $10,000 @ 16% | Jun 21, 2006 | Loan created |
| 329475 | Returning for 3rd Business Expansion Loan | B | $6,875 @ 13% | May 13, 2008 | Withdrawn |
| 334234 | Updated: Returning for 3rd Business Expansion Loan | B | $5,600 @ 12% | May 17, 2008 | Loan created |
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