Consolidate high interest loans
| Listing Information | |||
|---|---|---|---|
| Amount: | $15,000.00 | Status: | Loan created |
| Grade: | B | DTI: | 37% |
| Lender Rate: | 19% | Borrower: | justrusty |
| Finished | State: | CA | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2007-11-08 | EricsCC ROI: | 16% |
| Status History | |
|---|---|
| Nov 08, 2007 | Current |
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Purpose of loan: The purpose of this loan would be to consolidate high interest loans that where used for business expansion. I have been in the Electrical/Electronic field for 30+ years and for the last 15 years I have been the Electrician for a large School District. My wife and I are partners with her two sisters in a Bed & Breakfast Business. We purchased the Historic Worthington Hotel in 1992 so the sisters could realize their dream of running a Bed & Breakfast Inn of their own one day. It had been converted into 8 one bedroom apartment units back in the 1950?s which we continued to rent out to college students until 2004, all the while planning to convert it back to it?s former glory some day. My wife of 30 years returned to college at the age of 44 and earned her Associates Degree in Construction Technology/Victorian Restoration, so in 2004 with my wife as the Carpenter and myself as Electrician/Plumber we gutted the inside, borrowed $100K and spent the next 14 months turning it into an Inn with 3 guest rooms. We opened for business in January 2006 and had a pretty good first year ($36K), but we soon learned that we needed more rooms finished to accommodate the number of guests wanting to stay with us. In April I borrowed $10K from CashCall (39.99%) which we used to get 2 more rooms up and running before the 2007 tourist season and also had a more professional Website built which did bring us more customers last summer. I also bought a computer system for the business from Dell (29.99%). We now have 5 guest rooms and have increased our income to a projected $60K for 2007. Our inn is located in the Heart of the Redwoods with a State University close by so we expect our business to keep growing as we become better known and have all 8 rooms available. I would just like to thank you for taking the time to read my long winded explanation of my situation and I?m hoping that the Prosper community can help me consolidate my loans with a more realistic interest rate. My financial situation: I have held a job continuously since I was 16 years old, purchased my home in 1983 and have always provided for my family. The income stated below is from my school job only. It does not include the Electrical side work that I do or my wife's income/savings. Although this loan would be made to me personally it is understood that it will ultimately be the partnership's responsibility to see that this loan is repaid. Monthly net income: $2800 Monthly expenses: $ 2100 Housing: $ 400 Insurance: $ 120 Car expenses: $ 265 Utilities: $140 Phone, cable, internet: $ 125 Food, entertainment: $ 300 Clothing, household expenses $ 100 Credit cards and other loans: $475 (To be paid off with Prosper loan) Other expenses: $ 200 (Vehicle fuel) |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 387499 | Time to Expand | A | $12,800 @ 20% | Aug 24, 2008 | Loan created |
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