Increasing inventory and updating website
| Listing Information | |||
|---|---|---|---|
| Amount: | $17,500.00 | Status: | Expired |
| Grade: | C | DTI: | 92% |
| Lender Rate: | 15% | Borrower: | Smitch |
| Finished | State: | FL | |
| Funded: | 0% | Group: | (No Group) |
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Purpose of loan: I own and run an online retail store. My store has been in business since July 06. Last year I sold $49,631.41 and this year I plan to reach $100,000.00 in sales. In order for me to do that I will need to increase my level of inventory and make web improvements, thus, the reason for this loan. Currently I have done all of the design work on my website and now that sales are steadily increasing, I want to hire a design firm to update and upgrade my website. My financial situation: I currently own and operate this webstore, and two ebay stores where I am a powerseller in each. I pay myself 15% of total sales from the business off the top, which last year averaged $631.89 per month. I also work part-time as an assistant for a ticket broker and bring home another $651.12 per month after taxes and my 401k are deducted. I am also currently in training to become an ebay education specialist and will be earning an extra $200 per month teaching ebay courses at night. I pan to double my sales, so in turn double my cut from the web work. This year in the first 3 weeks of the year I have brought home an average of $189 a week from the web work so I am already on track to meet this goal. Monthly expenses: I am not the wage earner for my household; my family is not dependent on my earnings whatsoever. The only household bills I pay are my student loans and $100 per week for a babysitter while I work part-time. The money I bring in more than covers these expenses. Any business expenses, including the re-payment of this loan are paid from the business account. Last year my business turned a profit of $2,697.45. My husband and I have a mortgage and living expenses that are covered by his salary. **Special Note on Credit Rating** I currently have another Prosper loan. I have had this loan for 7 months now and am current and up to date. When my credit was assesed by Prosper for the first loan, I had a AA credit rating. Now, my rating is a C. I pulled all three of my credit reports to see what changed and the only difference on all of them is that none are showing my mortgage because it was recently sold from one bank to another. There are no deliquent accounts or late payments or anything. I'm shocked to see that it made such an impact in my score, but hopefully you will take that into account. My debt to income ratio is high because I have quite a bit that I owe in student loans (I had a little too much fun at FSU and it took me 6 years to get a bachelors!) and I roll my store inventory through my credit cards in order to earn airline miles to save when we go to trade shows, but I pay it weekly through my business account. |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 136705 | Expanding retail business to include COSTUMES | AA | $5,000 @ 10% | May 13, 2007 | Loan created |
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