Business Expansion Loan
| Listing Information | |||
|---|---|---|---|
| Amount: | $6,500.00 | Status: | Loan created |
| Grade: | C | DTI: | 23% |
| Lender Rate: | 17% | Borrower: | HandStone |
| Finished | State: | WA | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2007-10-19 | EricsCC ROI: | 14% |
| Status History | |
|---|---|
| Oct 19, 2007 | Current |
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Purpose of loan: I have had a Mobile Massage business in Seattle, for 2 years now, and am looking to expand into a office space in order to increase my clientele even further. My business is called AT HOME MASSAGE, and if you would like to see my website visit athomemassagetherapy.com to see I am a valid business. I am expanding to have a business office in order to have a storefront for clients to visit, as well as to begin selling retail wellness products, and have a central location for staff members to meet. I am not closing my current mobile business, just adding on to it. My financial situation: I have a low DTI. I am making steady consistent income. I am not a risky lend because I have a current business income, and will be expanding that with little additional expenses. I did discover that I have 6 delinquencies on my credit report when I originally started this Prosper loan. Upon investigating, discovered that the Seattle Court system decided that I didn't pay for 5 parking tickets from 2001, re-activated them and added 6 years of interest to them, as well as sending EACH ONE to the credit beurough as a delinquent debt after attempting to send me one mail notice to a 6 year old address that I never received. Wow! So after explaining that I had paid the back alley parking tickets, I still had to pay $500 to settle the matter, and the delinquencies won't be removed until I process a dispute with the credit beurough. The last delinquincy is for a Perkins Education loan, that is paid off completely, yet, will not be removed until I process another dispute as well. Hmmm... Monthly net income: My monthly net income ave. is $3500. Monthly expenses: $ Housing: $ 550 Insurance: $ 116 Car expenses: $ 200 Car Loan: $320 Utilities: $ 150 Phone, cable, internet: $ 125 Food, entertainment: $ 350 Clothing, household expenses $ 150 Credit cards and other loans: $ 250 Misc. expenses: $ 250Total monthly payments $ 2586 How will I spend the Loan Money? This money will be used to secure a lease on a downtown Seattle office space. ($1800) Retail wellness products will be purchased to sell at the new location. ($2000) The balance will be used to pay off my one credit card. How do I expect to repay this loan? As you can see from my income/expense comparison, my total cushion averages almost $1000/month to cover a Prosper loan payment. I plan to pay this off no earlier that 24 months. I am 100% capable of repaying this loan. I am very confident in my business expansion being successful because I have done a vast amount of preparation and research into what would be best for my business growth. Thank you for your assistance. |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 196005 | Business Expansion Loan | C | $18,500 @ 24% | Sep 01, 2007 | Expired |
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