Upgrade Shop - Reduce Debt
| Listing Information | |||
|---|---|---|---|
| Amount: | $3,000.00 | Status: | Loan created |
| Grade: | E | DTI: | 15% |
| Lender Rate: | 23% | Borrower: | Kevin008 |
| Finished | State: | AZ | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2008-04-10 | EricsCC ROI: | 20% |
| Status History | |
|---|---|
| Apr 10, 2008 | Current |
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Purpose of loan: This loan will be used to upgrade a few key items of equipment for my dog grooming business. We are looking to expand our grooming stations by adding new hydralic grooming tables; 2 mirrors; 1 new cabinet; bather's kit; pay $500 in overhead; and finally pay $800 toward personal credit cards (to decrease usage). The additional grooming stations will make it possible for my second groomer to work comfortably next to my head groomer. Our customer base is very large - the increased ability to serve everyone in a timely fashion will continue to grow the business. My financial situation: I am a great candidate because I have an unlimited amount of tenacity. I take my credit very seriously. I have a goal of buying my first home within the next six months and have worked hard to ensure that every bill is paid on time. I have never defaulted on any loans and have never been late on any of my bills for the last four years. I have been in the same line of work for over five and a half years: commercial real estate. As an agent (for the last year and a half) I have been selling high-end strip malls. I am a member of a team of top sellers and a member of the International Council of Shopping Centers (ICSC). I am motivated to continue to grow my investment sales career. I have a commission check due in late April for over $30,000. At the present time, my personal financial overhead is low and I carry less than $5,500 in credit card debt. My credit score is impacted by my current high usage of my cards. With this loan and my upcoming check in April, I plan to lower my usage to 25% and keep it there. I have checked my credit score with a credit monitoring company that indicates my score to be between 620 and 645; I suspect it will raise quickly and my grade with Prosper should raise quickly as well (I am not sure why it is not at least a C right now). As you can imagine, I believe that this loan will assist me in increasing my credit score as well as assisting me in reducing a few of my credit card balances. Monthly net income: Commercial Real Estate (Average $2800) Dog Grooming Business Income ($1200) Monthly expenses: $ Housing: $ 0 (In order to save up to buy a home and to reduce my overhead, I recently moved into my step-father's and mother's pool house) Insurance: $ 85.00 Car expenses:$ 115.00 car payment plus 200.00 gas and maintenance Utilities: $ 40.00 Phone, cable, internet: $ 90.00 Food, entertainment: $ 300.00 Clothing, household expenses: $ 160.00 Credit cards and other loans: $ 195.00 Other expenses: $ 100.00 Thank you for considering me and my shop as an investment vehicle. If you do decide to bid, I am more than confident that you will be happy with your return on your investment. |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 292330 | Upgrade Shop and Prepare for Busy Season | E | $3,600 @ 23% | Mar 20, 2008 | Expired |
| 300795 | Upgrade Shop and Prepare for Busy Season | E | $3,000 @ 23% | Mar 28, 2008 | Withdrawn |
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