Business Acquistion Loan
| Listing Information | |||
|---|---|---|---|
| Amount: | $15,000.00 | Status: | Loan created |
| Grade: | B | DTI: | 60% |
| Lender Rate: | 22% | Borrower: | madorff |
| Finished | State: | AZ | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2008-07-24 | EricsCC ROI: | 20% |
| Status History | |
|---|---|
| Jul 24, 2008 | Current |
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Purpose of loan: To purchase two local existing computer repair businesses.currently owned by an owner absentee. The sales price will be about $95,000 & funded through Cash of $30,000 from family funds, $15,000 from prosper this loan, and $50,000 seller financing at 8% for 3 years. Annual sales of these two stores are $378,000. Net Income for current absentee owner is 74,400 per year. A owner operator would greatly increase revenues. My Industry Experience and financial situation: I have 11 years of Experience and Education in the Industry. I know JAVA, VB, C++, and HTML programming languages & completed a two year Cisco Networking Academy for CCNA & completed A+ Certification of computer repair. I am experienced in almost every hardware & software currently used. Before college I worked full-time in a computer repair shop for 8 mo. & learned how the industry operates. I currently work for a Bank's Technical Services Division, providing over the phone software technical support. I work part-time (explains the personal income & DTI) as I have been completing my Bachelors in Economics & a Minor in Business at Arizona State University. I selected Economics as my course of study for its business & analytical emphasis. I have completed optimization courses in statistics, quantitative methods and accounting. I am confident in my preparation to take on this challenge of business owner/operator. However I also have the right people a CPA with 20+ years of accounting & lawyer of 16 years experience that are available as needed. Lastly I will explain my ability to repay this loan. My part-time technical support job currently earns $16,900 with a monthly performance bonus of $300. My wife has her Masters in Social Worker and currently earns $34k per year with an additional mileage reimbursement of just over $3,500 each year which pays for most of our vehicle expenses. My wife?s full-time Income is what we live on. The money I make goes entirely towards paying school costs and for entertainment expenses. This is verifiable based on the figures below. Our 2007 W-2?s and 1040 reports we had taxable income of $43,000. Both my wife & I received raises this year & expect 2008 income of $48,000. Not including any income from the business. My wife will continue to work her job, I will continue to work my part-time job as shifts allow. Current business earning?s should allow an excess of $5k a month to pay back what is owed. This is Not my first prosper loan, I successfully took out a loan for $8,500 a few years ago to make an investment and completely paid back the balance within six months. I don?t miss payments or make late payments on any loan ever. We also have lines of credit available for emergencies or working capital beyond the funds we have set aside. I love how prosper works & would love all interested lenders to let me know if there are any questions. Thank you for bidding on my loan & helping us both make more money! Monthly net income: $ 3160.00 (Not including any bonus or reimbursement) Monthly expenses: $ 2395.00 Housing: $ 737.00 HOA: $149.50 Insurance: $ 139.00 Vehicle expenses: $ 240.00 (All Gas, Car is paid off) Utilities: $ 80.00 Phone, internet: $ 104.95 Food, entertainment: $ 340.00 Clothing, household expenses $ 50.00 Credit cards and other loans: $ 314.00 Motorcycle loan ($6,700) $154 payment (Bike is currently worth $10,500) Credit Card balances ($8,500) $160 payment Student Loans ($5,500) no payment deferred until Nov |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 18017 | Investor Building a track record | A | $8,500 @ 11% | Jun 06, 2006 | Loan created |
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