Short term cash flow for existing business
| Listing Information | |||
|---|---|---|---|
| Amount: | $25,000.00 | Status: | Loan created |
| Grade: | A | DTI: | 16% |
| Lender Rate: | 23% | Borrower: | mad71 |
| Finished | State: | FL | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2008-09-23 | EricsCC ROI: | 22% |
| Status History | |
|---|---|
| Sep 21, 2008 | Current |
|
Purpose of loan: This loan will be for short term (12-18 months) working capital for an existing business I run in addition to my full time position. I have decided to expand beyond just myself and hire 1 full time support staff member and 1 full time sales rep. The loan will help cover initial payroll and incidentals untill the cash flow from the increased business catches up. 1st year projected earnings(based on over a decade of experience within my field) is between $200-$300K. My financial situation: I am a good candidate to repay the loan for the following reasons: 1) I am not quitting my full time position and my income easily allows me to pay for this loan. 2) I have an excellent credit history of both repayment and high limits. 3) Unlike those starting a small business and changing careers in the process, I am simply using my knowledge of my industry, my contacts and my experience to maximize my income. 4) I will more than likely only use a small portion of the loan to cover shortfalls. The cash flow should be positive within the first 3-6 months. The majority of the loan will be sitting there ready for easy repayment. I DO NOT have 127K in revolving credit card debt. I have approx 94K in a HELOC that simply keeps me from having to pay PMI. I have equity in my home and am in no danger of some of the horror stories you hear regarding ARM's with steep payment increases etc. I have a credit card we use to pay for all monthly expenses(other than fixed bills) in order to earn as many "reward points/cash" as possible. The balance is paid in full every month. Bottom line is I have both the history and ability to pay my debts. Monthly net income: $ 15,000+ not including my wifes income. She is an RN that only works 2-3 shifts a month to keep her certifications. We prefer her to be a stay at home mom but if the need ever arose she can work full time and easily earn an additional 40K a year. Monthly expenses: $ 7,000-8,000 total Fixed(mortgage, cars, insurance etc) =5K Misc(gas, groceries, entertainment etc) =2-3K I have been a lender here for a short time and seen the tremendous good that can come of this site. Instead of obtaining funding through traditional channels we decided to let some of our fellow Prosper members make the money instead of the bank. Also this process saves me red tape and time, which I value more than anything. Thanks for checking out my listing and I hope to do business with you. |
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