free up revolving limits on personal credit 4 business debt
| Listing Information | |||
|---|---|---|---|
| Amount: | $15,000.00 | Status: | Expired |
| Grade: | D | DTI: | 17% |
| Lender Rate: | 17% | Borrower: | dbfunding |
| Finished | State: | CA | |
| Funded: | 0% | Group: | (No Group) |
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Hello, I'm new to Prosper--I read an article in "Success" magazine, or a similar magazine, while on a short plane trip. I liked the idea--small business owners coming together. Honestly, I don't "need" the money--I've been in the mortgage industry about 3.5 years (started January 2003). I worked for a couple of direct lenders, and got tired of them making all the money, so I decided to open my own broker office. I quit my "normal" job in January 06, and in the last six months I got all my licensing set up, got a 1900 square foot office (started April 1st), got 15 cubicles installed--that took another 2 months! (plus two desks in separate offices--one for me, one for my processor). I now have 6 full-time loan officers, myself, and a full-time processor--more to come, of course. I've gone through about $100,000 already--$25,000 was the initial start-up capital out of my own pocket, another $75,000 has been generated by the business already (gross--unfortunately!). We're just finally ramping up....$50,000 of that was generated in July, and my latest hire is a top performer. Back to why I'm asking for a loan in the first place--I have about $20,000 on personal credit cards (almost maxed out) that is hurting my credit in a big way--before I started in business myself, I had a fico over 680, now it's barely over 600. I've never missed a payment on ANYTHING in the last 3 years.....I want to put the business debt all together, free up my personal credit, so I will be eligible for a "normal" business line of credit once I've been "officially" incorporated for 6 months--that'll be on Sept 13 2006. Hope this makes sense. I pay all my bills, and can get along without this loan--but I think it makes sense to do it this way. Sincerely, Dan [LAST NAME DELETED] President, DB Funding Group Inc. |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 29537 | Business Working Capital | D | $15,000 @ 20% | Aug 07, 2006 | Loan created |
| 228201 | Business Working Capital (2nd loan) | B | $14,650 @ 18% | Nov 08, 2007 | Loan created |
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