Paid off 1st Prosper loan; now consolidating business debt
| Listing Information | |||
|---|---|---|---|
| Amount: | $25,000.00 | Status: | Expired |
| Grade: | B | DTI: | 45% |
| Lender Rate: | 16% | Borrower: | gamemaker |
| Finished | State: | MA | |
| Funded: | 0% | Group: | (No Group) |
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I am requesting this loan to consolidate other debt accrued while funding the development of my game design company's products. Since getting our first Prosper loan (which we recently paid off), we have returned the focus of our company to consulting to other organizations about game design while working on our one Big Dream Project in-house. Our recent clients have included Fidelity Investments, Boston College, MIT, and Northeastern University. We recently helped Northeastern University to get a half-million dollar grant based on one of our projects; sadly, most of that money doesn't come to the for-profit company helping with the grant, but we used the money we received to pay off our first Prosper loan as top priority! My company will celebrate its fourth anniversary in May of this coming year. We have recently moved to bigger but less expensive offices so that we can take on more interns from local universities and save on labor costs. My credit rating has gone down in the course of keeping the company going, and my debt-to-income ratio appears rather high. However, this is partly because my debt (for both the company and myself) is factored in, while only my income from my full-time job is factored in here. The company has managed to be mostly self-sustaining for the last six months; getting rid of the last of our debt will help to keep that going so that my personal income can be used to pay off this new loan. We are a small, independent company with a social conscience, but we are also committed to our own financial success. It's taken a lot of work to get where we are, and we're quite happy to have made it this far. We now hope to use this loan to pay off our remaining debt (the loan will be personally paid back by my, the company's founder, to keep company resources freed up) so we can be unencumbered as we move forward in developing new products, seeking new clients, and ultimately finding long-term investors for the company. |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 1634 | Funding Game Publishing Company | A | $15,000 @ 10% | Mar 09, 2006 | Loan created |
| 242404 | Paid off 1st Prosper loan; now consolidating business debt | B | $25,000 @ 18% | Dec 02, 2007 | Expired |
| 253296 | Paying off high-interest credit | B | $17,000 @ 16% | Dec 19, 2007 | Expired |
| 259064 | Paying off 2 high-interest credit cards | B | $15,000 @ 16% | Jan 02, 2008 | Loan created |
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