Need to pay debt to move forward
| Listing Information | |||
|---|---|---|---|
| Amount: | $25,000.00 | Status: | Expired |
| Grade: | B | DTI: | 27% |
| Lender Rate: | 18% | Borrower: | Chirohelper |
| Finished | State: | NH | |
| Funded: | 0% | Group: | (No Group) |
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Purpose of loan: I am a chiropractor and opened my own practice in 2002. I work in an Integrative Group of health care providers that includes a medical practice, acupuncture, nutrition, physical therapy, massage, and psychotherapy. We have recently acquired a new building and are in the process of moving. My problem is that because of bookkeeping errors, losing my billing and collections staff, combined with personal problems over the summer, I have acquired huge debt with the IRS and owe back rent to the former property owners. I have since hired a great billing person with 14 years experience, and have overcome my personal challenges. The practice is once again doing well, however I need to pay over $20,000 in back rent, as well as pay down the IRS debt. My cash flow is good now, and with the new building, the practice will continue to grow with increased referrals from the other providers, and the practice is now expanding rapidly. The goal in obtaining a loan from Prosper, is to consolidate my debt into one monthly payment. Present Monthly Business Income: $25-30,000 Payments to Me: $4730/month. Business expenses too many to list. I want to assure lenders that their investment is quite safe. I am an excellent candidate for this loan; I have always been very responsible and reliable about paying all debts. My credit history, which is closely tied to my business credit, has always been good. The reason there are so many open lines is that I often purchase personal things with a one year-interest free option. In the past 5 years, I've purchased furniture, stereo equipment, musical equipment, and had Lasik surgery, as well as several other small purchases, using this financing method to control cash flow. I have just never closed those accounts after they were paid. Most of them have a zero balance. I have just had a bad year. In 2005, my practice grossed $315,000, and in 2006, due to personal problems, a bad bookkeeper, and loss of a good billing person, only $275,000 was collected. My financial situation is now improving with the new growth of my business, and a new competent staff. I have no problem currently meeting all financial obligations. The Prosper loan will be one of my first priorities each month. The payment will be automatically withdrawn. As with all my past and present financial responsibilities, I promise to make all my payments on time. Defaulting on this loan is not an option for me. Thank you for considering my listing. I appreciate your support. |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 254146 | Chiropractor Consolidates Debt "B" Credit! Low DTI! No DQ's! | B | $25,000 @ 18% | Dec 23, 2007 | Cancelled |
| 260431 | Chiropractor Consolidates Debt "B" Credit! Low DTI! No DQ's! | B | $25,000 @ 17% | Jan 05, 2008 | Loan created |
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