New Truck Trailer To Continue Growing
| Listing Information | |||
|---|---|---|---|
| Amount: | $25,000.00 | Status: | Loan created |
| Grade: | B | DTI: | 10% |
| Lender Rate: | 11% | Borrower: | ITFITZCO |
| Finished | State: | CA | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2006-07-27 | EricsCC ROI: | 7% |
| Status History | |
|---|---|
| Aug 30, 2006 | Current |
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I am a 49 year old guy who is looking for a loan to purchase a new trailer for my end-dump trucking company. Due to past errors in my ways, my FICO scores are resulting in possible secured loans of over 16%. I have been brought to Prosper by Penelope (a lender here) in the hopes that I may secure a loan at a better rate. I am fully vetted by Penelope. All of my finances are handled by her including her receiving all of my freight bill payments making my deposits and making the payments on all of my accounts. I hired her company as of last Sept and have been current on all debts since then. She will be bidding $15K on this loan as her funds transfer. Background: 13 years ago I owned an end-dump trucking company with 9 drivers. A back injury took me out of the business for a number of years. The Now: Last Aug I was ready to start a company again. With my own savings of $20K and a personal loan from Penelope of $38K (@12%) , I purchased a used tractor and trailer and began work. From mid Aug 05 to Dec 05 I billed in excess of $46K. As of this year to date, I am averaging over $13K a month in freight bills. In May 06 I actually billed $28K and in July 06 $21K. The Trailer: The used trailer I purchased is falling apart. I have been forced to rent a trailer to work with this past month at the cost of $1300. That is more than the payment on the purchase of a new one. The trailer I would like to buy is $38K. I will be putting $13K down it and am hoping to finance the remaining $25K. Since Starting: Since last Aug when I began working again, I have paid back my loan to Penelope in full ($38K), have paid off most of my credit card debt (over $15K), have paid off the original purchase of the tractor ($10K), have become current on all bills and have managed to create an emergency fund. Monthly Personal Expenses: Room Rental / Utilities Included: $600 Cell Phone / do not have a landline: $85 Storage Space: $115 HSBC Card: Pay at least $200 a month / Balance is $1757.00 Cap One MC: Pay at least $100 a month / Balance 600.76 Food / Gas / Entertainment / Misc: $600 Monthly Business Expenses: Fuel: Approx 15%, but varies with each job Broker Fee: 5% of freight bills Truck Storage Yard: $150 Vehicle Insurance: $0 / Paid in full through 8/07 Private Banking : $250 (By Penelope) Vehicle Maint: Approx 7% Past Public Records: All public records are in dispute at this time, with the exception of a state tax lien from my previous company in the sum of $7646.00. My Ex-Wife has assured me this is incorrect, but I will not dispute it until I have docs to prove it. Otherwise, I will pay it off. Penelope is in the process of working on my credit report, and is willing to discuss any of these issues with the lenders, as well as any other questions you may have. Cellardoor has had the opportunity to view my credit report as well as current bank statements and credit card statements. While he currently has some time constraints to do in-depth vetting, I believe he would be willing to confirm the above information to the best of his knowledge. Looking forward to meeting some of you at the So Cal M&G in August. Thanks for any assistance you can give me. www.ITFITZCO.com |
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Discussion For This Listing
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