Going nationwide with mail-in repair business
| Listing Information | |||
|---|---|---|---|
| Amount: | $7,500.00 | Status: | Loan created |
| Grade: | D | DTI: | 35% |
| Lender Rate: | 15% | Borrower: | smartrepair |
| Finished | State: | SC | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2008-06-13 | EricsCC ROI: | 13% |
| Status History | |
|---|---|
| Jun 13, 2008 | Current |
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Purpose of loan: This loan will be used to take mail-in repair business to national level and to pay off 3 high rate credit cards. I've been fixing computers and electronics since 1999, I had business in my area since 2002 while keeping my full-time job. I live in small and wealthy community area famous for golf, retirement living, tourism and real estate, not really a business area but it provides enough customers to keep me busy after my full-time job and on weekends. The business we are talking about is a mail-in repair business that will access nationwide/worldwide audience. All orders will be processed through the website. The devices we are targeting are (estimated) 4 times less popular than iPod. There is only 2 companies we will compete with: only 3 companies that will share the market. We have direct supplier from China - this allows us to bring parts cost to very-very competitive level. iPod market has at least 8-10 nationwide companies. One of the top sellers in iPod industry makes $3 millions on sale every year with about 20-30% of pure profit. I need a loan to buy parts to keep in stock and to buy additional equipment for soldering stations. Some money will be used to fund advertising campaign. I can provide a link to the website (which is up and running) or provide more info on business and targeted devices. I just don't want to disclose this information to public. I'm sure that my business idea will work. I will find funds anyway, but Prosper looks like great opportunity to bring interest rates down. What I meant - I'm doing this anyway. I hope I convinced you to lend me some money. This is win-win situation. Thank you. My financial situation: I never had a missed payment, I take my financial responsibilities very serious. I had steady income from my full-time job for 2,5 years. Our company just signed another contract that will keep us busy for next 1,5-2 years. I will quit my full-time job as soon as repair business will get busy enough to cover my living and business expenses ( I estimate in 6-12 months) Monthly net income: $ 3200 in average after taxes and 401k deductions Monthly expenses: $ Housing: $ 300 all included (I share housing with my girlfriend) Insurance: $ 0 Car expenses: $ 400 (includes full coverage insurance) Will be paid off in 12 months, has extended warranty good for another 2 years/30000 miles. Utilities: $ 0 Phone, cable, internet: $ 50 for cell phone Food, entertainment: $ 100 Clothing, household expenses $ 50 Credit cards and other loans: $ 800 Other expenses: $ 0 |
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