Fuel Business w/ New Inventory
| Listing Information | |||
|---|---|---|---|
| Amount: | $17,000.00 | Status: | Expired |
| Grade: | C | DTI: | 44% |
| Lender Rate: | 20% | Borrower: | palerider |
| Finished | State: | IL | |
| Funded: | 0% | Group: | (No Group) |
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Purpose of loan: To buy inventory for existing business that I'll be taking over. My financial situation: My finances have been tight lately because I've been heavily investing in a business the last 6 months. It has brought my credit score from A standing (status from last prosper loan) to C standing because of the higher debt I've accumulated over the past 6 months. The business is doing well and has turned a profit the last 3 months. We are still reinvesting and beginning to start paying back our loans. I now have the opportunity to buy another business with the same type of makeup in a different location. It has been struggling to bust even the past year. It has 1 key flaw, the owner is not able to buy enough inventory to bring it in the profit. The purpose of this loan is so that I can take over the business, purchase the inventory, and pay him down over time for the cost of his business. Approx. $30,000. I also do some freelance programming on the side, but do not include that in my totals as it is irregular. Monthly net income: $ 3500 Monthly expenses: $ Housing: $ 450 Insurance: $ 60 Car expenses: $ 200 <-- Gas, do not have a car payment. Utilities: $ 300 Phone, cable, internet: $ 100 Food, entertainment: $ 1000 <-- I do not really spend this much, worse case scenario. Clothing, household expenses $ 200 Credit cards and other loans: $ 800 <-- Geared toward paying cards down. Other expenses: $ 100 Monthly net income from previous business: Currently $500 mo., should go up each month. |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 155376 | Credit Card Consolidation | A | $25,000 @ 13% | Jun 20, 2007 | Withdrawn |
| 155680 | Pay down Discover Credit Card | A | $9,000 @ 10% | Jun 20, 2007 | Loan created |
| 274432 | Fuel Business w/ New Inventory | C | $17,500 @ 30% | Jan 31, 2008 | Withdrawn |
| 275164 | Fuel Business w/ New Inventory | C | $7,500 @ 25% | Feb 02, 2008 | Loan created |
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