Business Expansion Capital
| Listing Information | |||
|---|---|---|---|
| Amount: | $8,300.00 | Status: | Cancelled |
| Grade: | D | DTI: | 72% |
| Lender Rate: | 26% | Borrower: | InnovativeTechnology |
| Finished | State: | IL | |
| Funded: | 100% | Group: | KoyneLoans |
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I am wanting this loan for expansion to my current business. I had a Current Prosper loan listing. Currently I make around $60000 a year from my business and around $36000 a year from a full time job I hold. Prosper will only allow me to use the $36000 for my income so my debt to income ratio seems high, but if they let me use my real income then it would be around 19%. I am a partner in a business that was all online mainly on eBay user buyandsellstuffonline until the beginning of last year and we opened a store called The Source. This location is an eBay drop of location and also a retail location for items. Our Previous loan was to open a second location that is larger with three store fronts. We have rented out one of the store front areas and we are finishing remodeling a second to launch a Clothing store in and will be renting the other storefront shortly. Our current annual income is around $450,000 a year and we anticipate that it will almost double once we open this next location. This loan will help get some of the equipment that we need to start the new location. Paying the loan back will be no problem since the payments are less then our daily revenue. All the credit card debt is from business expenses, we do not use credit cards for personal use at all. So even thought the credit card balances may seem high they are revolving as we pay most of them every month. The only reason the credit score has went down is also just the higher revolving credit cards. |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 35554 | Business Expansion Capital | C | $10,000 @ 16% | Aug 30, 2006 | Cancelled |
| 38975 | Business Expansion Capital | C | $25,000 @ 29% | Sep 12, 2006 | Withdrawn |
| 39053 | Business Expansion Capital | C | $25,000 @ 23% | Sep 13, 2006 | Loan created |
| 246969 | Business Expansion Capital | D | $7,500 @ 35% | Dec 08, 2007 | Expired |
| 252938 | Business Expansion Capital | D | $7,400 @ 35% | Dec 18, 2007 | Expired |
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