Business Working Capital (2nd loan)
| Listing Information | |||
|---|---|---|---|
| Amount: | $14,650.00 | Status: | Loan created |
| Grade: | B | DTI: | 0% |
| Lender Rate: | 18% | Borrower: | dbfunding |
| Finished | State: | CA | |
| Funded: | 100% | Group: | Voyagers Financial |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Default | Origination Date: | 2007-11-21 | EricsCC ROI: | -53% |
| Status History | |
|---|---|
| Nov 23, 2007 | Current |
| Jun 10, 2008 | Late |
| Jun 22, 2008 | 1 month late |
| Jul 22, 2008 | 2 months late |
| Aug 22, 2008 | 3 months late |
| Sep 22, 2008 | 4+ months late |
| Oct 03, 2008 | Default |
|
Hello, OK, Prosper REALLY needs to get this fixed....I am typing this for the THIRD time :( Unfortunately, I keep getting long-winded and it logs me off....so I will attempt to not be so long-winded this time, and MAYBE I can get this posted! I originally took out a loan around August of 2006 for $15,000. I'm down to just over $10,000--all payments have been made on time, and payments for this new loan will be automatically withdrawn from the same corporate checking account. The loan I took out last time was to consolodate some personal credit cards that I had used to finance my business startup costs, as well as provide some working capital. The business I started in March 2006 is a small mortgage broker office. I have actually been in the industry for almost 5 years now. I am incorporated as an S Corporation, with myself as a 100% shareholder. So far, we have done over $800,000 in revenues this year (from January through the end of October). Some months are better than others, but we have not had ANY month this year under $50,000. I am listing this loan as a "no documentation" loan because last time I had real issues with them accepting corporate bank statements to "prove" income....and obviously, like any smart businessman, I write off EVERYTHING on my tax returns! So, why am I looking for a new loan now? 1. The holidays are around the corner, and business generally slows down. I now employ 8 people full-time, and I want to be sure I am covered if things slow down more than expected over the holidays. 2. I am in the process of becoming licensed in Maine, Vermont, and Washington--once the licensing is all in place, I need to do some test marketing to get things going in those markets. 3. My credit is better now than it was when I took out my last loan, so I am hoping by doing a 10-day listing I can get my rate significantly lower than the 22% or so I'm paying on my other loan....and assuming #1 and #2 above are covered, I intend to use the rest to pay down the balance of my other loan. If you have any questions, please email me, I will be happy to answer. Sincerely, Dan President/owner DB Funding Group Inc. |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 27624 | free up revolving limits on personal credit 4 business debt | D | $15,000 @ 17% | Jul 30, 2006 | Expired |
| 29537 | Business Working Capital | D | $15,000 @ 20% | Aug 07, 2006 | Loan created |
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