Children's Performing Arts studio expansion
| Listing Information | |||
|---|---|---|---|
| Amount: | $20,000.00 | Status: | Loan created |
| Grade: | AA | DTI: | 15% |
| Lender Rate: | 10% | Borrower: | Notes3 |
| Finished | State: | CA | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2007-11-07 | EricsCC ROI: | 8% |
| Status History | |
|---|---|
| Nov 07, 2007 | Current |
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Purpose of loan: My wife and I own a Children's Performing Arts studio which has been in business for 12 years. In 2006, we expanded our business in response to increasing demand and an expanding population growth in our area. We have invested over $200,000 of our own personal money into this expansion. Within the first year of this commercial expansion, revenues increased by 65% with an additional 30% increase in revenues over the last five weeks. We are projecting another 65% increase from 9/2007-9/2008. A feature of our expansion included broadening program services to a wider age range of children. This required hiring additional teachers, revising our website, and initiating an advertising campaign to educate the local community of these changes. While our initial investment has satisfied the capital equipment needs for the business, we are underpowered to finance the website and advertising. This is our reason for seeking this loan. My financial situation: The numbers shown below reflect my income and expenses only. My wife's income from the business provides additional revenue. I have a very stable job and have worked for the same employer for the past 20 years. My wife and I both have Master's degrees, and take our financial responsibilities seriously. My credit rating is AA, and hers is A. Monthly net income: $ 9800 (my income only, my wife's income is approximately $4000) Monthly expenses: Housing: $ 5900 Insurance: $ 165 Car expenses: $ 300 Utilities: $ 350 Phone, cable, internet: $ 60 (we don't watch TV) Food, entertainment: $ 400 Clothing, household expenses $ 300 Credit cards and other loans: $ 1300 Other expenses: $ Note - that the housing expense of $5900 includes a home equity line which was used to finance the business. Prosper classifies this as a revolving credit line and therefore has included it in the DTI. As a matter of general practice, Prosper does not include first or second mortgages in the DTI. Without this, my DTI would be 9%. |
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