Business Working Capital
| Listing Information | |||
|---|---|---|---|
| Amount: | $15,000.00 | Status: | Loan created |
| Grade: | D | DTI: | 17% |
| Lender Rate: | 20% | Borrower: | dbfunding |
| Finished | State: | CA | |
| Funded: | 100% | Group: | Voyagers Financial |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Default | Origination Date: | 2006-08-22 | EricsCC ROI: | -8% |
| Status History | |
|---|---|
| Aug 21, 2006 | Current |
| Jun 10, 2008 | Late |
| Jun 23, 2008 | 1 month late |
| Jul 23, 2008 | 2 months late |
| Aug 24, 2008 | 3 months late |
| Sep 23, 2008 | 4+ months late |
| Oct 03, 2008 | Default |
|
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 seven months I got all my licensing set up, got a 1900 square foot office (lease 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! So far, I've just put in my own money, and when necessary used personal credit cards (which is why I'm a "D" credit). I have not been late on ANYTHING in more than 3 years--and getting approved with new lenders to originate mortgage loans with them (which is what I do) requires that I keep a clean payment history, so you can be sure I WON'T be making any late payments in the future! Part of this money will be used to pay off personal credit cards that I used for business purposes, and improve my credit score. The majority will be basic working capital--office supplies, payroll, leads, etc....I will probably pay it off within 6 months. We generated over $50,000 gross in July....August we're projecting about $40,000 (got a slow start), and then about $70,000 in September (and improving from there). I'll be working to get a $50,000 to $100,000 line of credit through the SBA--it should go through in September or October. I'm actually working on it already, but they told me up front that it's at least a 90 day process, sometimes more like 120 days, and I have to be able to do business in the meantime! Feel free to email me if you have any questions or concerns. I put in the maximum rate allowed, I'm hoping by the end it will be bid down, but I'm not really too worried as I'm not planning to keep the loan long term, as I mentioned. Sincerely, Dan [LAST NAME DELETED] President, DB Funding Group Inc. |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 27624 | free up revolving limits on personal credit 4 business debt | D | $15,000 @ 17% | Jul 30, 2006 | Expired |
| 228201 | Business Working Capital (2nd loan) | B | $14,650 @ 18% | Nov 08, 2007 | Loan created |
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