Established business owner seeks a little less capital! :-)
| Listing Information | |||
|---|---|---|---|
| Amount: | $18,000.00 | Status: | Loan created |
| Grade: | B | DTI: | 0% |
| Lender Rate: | 18% | Borrower: | JonMarq |
| Finished | State: | IA | |
| Funded: | 100% | Group: | FUTURE FINANCIAL FREEDOM 1 |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | 4+ months late | Origination Date: | 2007-11-21 | EricsCC ROI: | -56% |
| Status History | |
|---|---|
| Nov 23, 2007 | Current |
| Jun 10, 2008 | Late |
| Jun 18, 2008 | Current |
| Aug 05, 2008 | Late |
| Aug 22, 2008 | 1 month late |
| Sep 22, 2008 | 2 months late |
| Oct 22, 2008 | 3 months late |
| Nov 22, 2008 | 4+ months late |
|
Third time's a charm, folks! Check out my last 2 listings for greater detail. We got to 95% on the last listing. I'm changing the loan amount to $18K for this one and listing it for only 3 days to avoid tying up lenders' funds. Basically, I'll take on the expense of developing the general corporate system, and I'm looking to Prosper lenders to finance development of the marketing system. Purpose of loan: Proceeds of this loan will fund growth of my already successful full-time real estate investment business. I have been in business for over a year. To date, my investment focus has been on flipping medium to higher-end foreclosure properties. My purpose in requesting a loan on Prosper is to move ahead with existing plans to expand my business systems. I subscribe to Kiyosaki's view that well-designed and functioning systems are the heart of a successful business. Loan proceeds will be used to implement key components of one of the main systems of my business, which is the marketing system (Web site and overall marketing plan). Allocation of funds will be as follows: $4,000 - built-in loan servicing payments for 6 months (to allow time for the new marketing system to begin generating revenue) $4,000 - development and maintenance of Web site $3,000 - development of overall marketing plan $2,500 - development and maintenance of investor leads and database $2,500 - development of promotional materials $2,000 - development and implementation of advertising plan In summary, I'd like to request a loan from Prosper lenders for the purpose of taking my business to the next level. The implementation of good business systems will allow me to take that next step. My financial situation: Business has been good; net income has been over $50K so far this year. I will net another $20K soon with the sale of another property. The reason for the lack of documentation is that I've only made serious money since the early part of the year (thus, no 2006 tax return documenting current income), and I don't have W-2 income. Therefore, without verifiable income, my DTI is not calculable... Please note that the Revolving Credit Balance in my profile is somewhat erroneous because Experian has classified 2 home equity loans as revolving debt. My true revolving debt is $3041 on one credit card. Also, my bankcard utilization rate is fictitiously high because a balance on an American Express card is always considered 100% utilization even though, as a charge card, it's paid off monthly. I'm not too impressed with the current credit bureau systems, as you might imagine. It's obvious from my profile, but I suppose there's no harm in mentioning the fact that I am a homeowner and I have no late payments or derogatory info in my credit report. I go to great lengths to make all my payments on time. In summary, my financial situation is currently stable. The soon-to-be-completed sale of another of my properties will put more money in the bank, while the built-in payments on the Prosper loan should cover payments until increased marketing activity brings increased revenue. With no lates or derogs in my credit history, lenders can bid confidently, knowing that I have a long history of honoring my commitments. Monthly net income: $ 5,400 Monthly expenses: $ 3,390 Housing: $ 1,000 Insurance: $ 125 Car expenses: $ 575 Utilities: $ 200 Phone, cable, internet: $ 90 Food, entertainment: $ 400 Clothing, household expenses $ 400 Credit cards and other loans: $ 300 Other expenses: $ 300 Thanks for considering my re-relisting and please don't hesitate to ask any questions at all... |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 220840 | Established business owner seeks capital & will pay for it! | B | $25,000 @ 19% | Nov 02, 2007 | Expired |
| 229116 | Established business owner seeks capital & will pay for it! | B | $25,000 @ 19% | Nov 09, 2007 | Expired |
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