Expanding business and buying out competition
| Listing Information | |||
|---|---|---|---|
| Amount: | $10,000.00 | Status: | Loan created |
| Grade: | A | DTI: | 32% |
| Lender Rate: | 12% | Borrower: | Ken4Christ4ever |
| Finished | State: | AZ | |
| Funded: | 100% | Group: | Christian Investors |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Paid | Origination Date: | 2008-01-22 | EricsCC ROI: | 12% |
| Status History | |
|---|---|
| Jan 19, 2008 | Current |
| Apr 24, 2008 | Payoff in progress |
| Apr 30, 2008 | Paid |
|
This will be my last loan request. If it does not fund, I will be getting the loan through a local bank instead of through Prosper. Thanks for those of you who bid on my last loan, and I hope that you will bid again!I have been in business for 7 years selling cards from the Redemption CCG as more or less of a hobby. However, as of January 1, 2008, it has become a part-time job with gross sales rising from ~$5,000/year to ~$25,000/year. In order to expand, I need $10,000 to purchase additional inventory and increase my market share. The money will also be used to fund a professional website, as opposed to my current website at www.geocities.com/Ken4Christ4ever. I will be taking out a loan; it's just a matter of whether it is on Prosper or though the bank, and I would prefer to give my interest to you rather than a corporation. I am approved for the loan at ~11% interest rate, so I may withdraw the listing if the rate isn't bid down. If the rate ends below 9%, I will keep the loan for the full 3-year term. Otherwise, if it funds between 9% and ~14% it may be paid off in 9-12 months. I have never missed a payment and have strict budgeting practices. The personal debt that I have is $14,000 in an auto loan (6.25% fixed), $7,000 in student loans (7.22% variable), a $35,000 8.90% 30-year fixed mortgage, and a $140,000 6.75% 30-year fixed mortgage. Monthly net income: $ 4,500+If you look at my previous listings with a "C" credit grade, it is due to transferring $12,000 onto a credit card for a lower interest rate from my car loan, not realizing the impact to my credit score. I have paid off the credit card, and my credit grade has returned to an "A", and should be "AA" any day, if it isn't already. The inquiries are due to looking at options for a business loan or personal loan through a bank, as well as from our recent home purchase. The income for my wife and myself is derived from a base salary for each of us of $33,000/year, plus my wife coaches cheerleading and leads the National Honor Society. I also tutor after school, have residual income from AFLAC, and will have $10,000+/year in profits from this business. Monthly expenses: Church $400 Paying off Debt $1,733 in current monthly payments Utilities $200 Car expenses $300 Kid Sponsorship $25 Groceries $250 Fun $200 Cell Phones $35 Health $25 Clothes $50 Travel $200 The additional money that we make each month is used to pay off our debt quicker, as well as save for the summer since we are both teachers. |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 212552 | Paying Down Credit Card Debt | B | $2,500 @ 5% | Oct 08, 2007 | Withdrawn |
| 215751 | Paying Car Loan, Paying Off Credit Card | B | $18,000 @ 7% | Oct 14, 2007 | Withdrawn |
| 216890 | Paying Down Credit Card | B | $2,500 @ 7% | Oct 16, 2007 | Withdrawn |
| 219241 | Raising credit score, paying off credit card & car loan | B | $25,000 @ 10% | Oct 21, 2007 | Withdrawn |
| 221488 | Re-list: Raising credit score | B | $11,000 @ 10% | Oct 25, 2007 | Withdrawn |
| 223706 | Investing in Prosper | B | $2,500 @ 10% | Oct 31, 2007 | Expired |
| 230011 | Consolidating debt to raise credit score back to AA | C | $25,000 @ 9% | Nov 11, 2007 | Expired |
| 249900 | Expanding business and buying out competition | A | $9,900 @ 10% | Dec 13, 2007 | Withdrawn |
| 254791 | Expanding business and buying out competition | A | $4,900 @ 10% | Dec 26, 2007 | Expired |
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