"A" Credit Teacher Funds New Business Venture Post Katrina!!
| Listing Information | |||
|---|---|---|---|
| Amount: | $25,000.00 | Status: | Loan created |
| Grade: | A | DTI: | 44% |
| Lender Rate: | 15% | Borrower: | SSLspedteacher |
| Finished | State: | MS | |
| Funded: | 100% | Group: | Future Innovations |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | 4+ months late | Origination Date: | 2007-10-22 | EricsCC ROI: | -56% |
| Status History | |
|---|---|
| Oct 20, 2007 | Current |
| Jul 09, 2008 | Late |
| Jul 23, 2008 | 1 month late |
| Aug 24, 2008 | 2 months late |
| Sep 23, 2008 | 3 months late |
| Oct 23, 2008 | 4+ months late |
|
Thank you so much for taking time to consider my loan request! I have been a special education teacher for 15 yrs, working 25 yrs for our local school district. After having my 3rd child I returned to college graduating in '92 w/my Special Ed degree. I have taught children graders w/learning disabilities; GED to adults at night; & now children ages 5?13 w/physical & mental deficits. I always get emotionally attached to each student & keep in touch w/?my kids? & their parents when they leave my class. When people ask me about my kids, I ask, ?My real kids or my kids at school?? Teaching my ?special? kids is not any different than teaching ?normal? kids, but I feel that the Lord called me to do a job for him. My deceased husband had spina bifida but never slowed down. He was my inspiration. In addition to my teaching career, I was co-owner for 3 yrs of a growing 4-wheel-drive parts & accessories business which was flooded by Hurricane Katrina, completely wiping out the business. However, my partner and I are now ready to rebuild & start fresh! I have invested my home equity & savings into this new business. I need this loan for the new interior construction & showroom inventory for the new specialty wheels & accessories business, which will be situated in a great location w/ high visibility, plenty of parking & NO competition!! A 10 yr lease has been procured on an 8,200 sq. ft. building. The lease is paid through Feb '08. The building is on a busy north/south bound highway traveled by over 30,000 motorists daily & the area has had a big influx of people due to Hurricane Katrina. The business is the only one of its kind w/in a 40 mile radius & is the largest specialty wheels store from Mobile to New Orleans! Research shows that monthly profits will be $30,000, w/ the closest competitors making twice this amount w/ only ¼ the size of our business in a less convenient location. This Prosper loan will be a business expense paid by the company?s profits, but I guarantee that it will be paid back no matter what occurs w/ the business. Explanation of Past Delinquencies & Public Record: The delinquencies & public record, including the one delinquency listed as current on my Credit Profile, were all a part of my bankruptcy which was discharged after Hurricane Katrina. Monthly Net Income: I am paid $2,134/mo. & receive a $1,112 lifetime retirement check for my deceased husband totaling $3,246/mo. I also receive an annual cost of living adjustment each December 15; this year?s COLA will be $2,641. Additionally, I earn $30/hr for 4+/hrs of after school work weekly. For 23 yrs. I have sold Avon achieving President?s Club for 22 yrs guaranteeing 40% profit; last year my Avon sales totaled $17,321. My DTI is based solely on my teaching & retirement income & does not reflect any of my other income. Monthly Expenses: $2,355 Mortgage (+taxes/insurance): $1,062 Health insurance: state pays Vehicle expenses: $636 Utilities: $180 Phone, cable, internet: $75 Food: $150 Clothing, household: $50 Credit cards/loan: $202 My finances are very good & improving my ?A? credit is extremely important to me. I look forward to being a part of Prosper for many years to come & hope to lend money in the future! My monthly personal expenses will not increase as a result of this loan but will actually decrease due to the positive revenue from the new business. My loan will be a top priority paid via auto payment from my bank. I promise to make all my payments on time & not default on the loan. Thank you again, I appreciate your faith & support in my new business venture. |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 207462 | New Business Venture | A | $25,000 @ 18% | Sep 29, 2007 | Withdrawn |
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