Buying replacement fiberglass for business
| Listing Information | |||
|---|---|---|---|
| Amount: | $15,000.00 | Status: | Loan created |
| Grade: | D | DTI: | 0% |
| Lender Rate: | 35% | Borrower: | recoverybath |
| Finished | State: | CA | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Default | Origination Date: | 2008-01-16 | EricsCC ROI: | -67% |
| Status History | |
|---|---|
| Jan 17, 2008 | Current |
| Jun 05, 2008 | Late |
| Jun 17, 2008 | 1 month late |
| Jul 17, 2008 | 2 months late |
| Aug 19, 2008 | 3 months late |
| Sep 17, 2008 | 4+ months late |
| Dec 29, 2008 | Default |
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Purpose of loan: This loan will be used to? Purchase fiberglass tub shells to replace a faulty shipment from the fabrication plant. This is a Re-list. UPDATE: We have placed the order with the fabrication plant to get the production started. We have paid a 50% deposit. The remaining 50% will be paid before loading onto the ship, but after quality review. My income this year is roughly $102,000. I can provide bank statements and full profit and loss documentation from my company. The interest rate is set high because this is an emergency loan and my credit is in less than stellar shape at the moment. I will be back in the 700's by summer-time. Thank you! My financial situation: I am a good candidate for this loan because? Recovery Bath has been profitable now for over a year and a half while we have over 5 years experience in the industry. We advertise nationally and are considered to have one of the highest quality products in this industry. We have been growing extremely quickly and expect to continue to do so for at least the next ten years as the Baby Boomer generation ages past 60. All sales history, distribution specifics and business plan available upon request. Inquire at http://www.RecoveryBath.com ask for management. We have full documentation. We are also interested in Angel investors to fund additional AARP, Westways and Veterans magazines marketing initiatives. Credit score is lower than usual because of leveraged credit to support our inventory. I will be back in the 700's range by summer. Unfortunately we need funds to replace faulty (bubbled) fiberglass shells that arrived from overseas. We have put quality assurance in place (in Beijing) to make sure the same problem does not happen again. Monthly net income: $8500 personal/ $85,000 business Monthly expenses: $ 7015 personal / $62,412 business (including inventory) Housing: $ 3500 Insurance: $ 150 Car expenses: $ 565 Utilities: $ 400 Phone, cable, internet: $ 100 Food, entertainment: $ 1000 Clothing, household expenses $ 300 Credit cards and other loans: $ 800 Other expenses: $ 200 (cellphone) |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 248979 | Buying replacement fiberglass for business | D | $10,000 @ 33% | Dec 11, 2007 | Cancelled |
| 253597 | Buying replacement fiberglass for business | D | $15,000 @ 27% | Dec 19, 2007 | Withdrawn |
| 254020 | Buying replacement fiberglass for business | D | $5,000 @ 27% | Dec 20, 2007 | Expired |
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