Bridal/Formal Gown Corporation seeks Inventory/WC Financing
| Listing Information | |||
|---|---|---|---|
| Amount: | $11,000.00 | Status: | Expired |
| Grade: | B | DTI: | 27% |
| Lender Rate: | 27% | Borrower: | 53pilotdad |
| Finished | State: | MD | |
| Funded: | 52% | Group: | (No Group) |
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Purpose of loan: I am the co-principal of a rapidly growing S-corporation in Maryland. Founded and managed by my wife, our bridal & specialty apparel company is sought after by clients around the world. One of the divisions of our company purchases inventory from bridal shops that have gone out of business, or need to move overstocks. We recover and resale the goods through our two online boutiques. We also have established wholesaler relationships with some of the biggest manufacturers in the bridal and formal industry and have access to some of the most sought out designers. Buying low and selling with an incredible mark-up profit (but still lower than our competitors) is keeping our business momentum consistently on the rise. Due to a surge of local customer interest we have moved into a storefront boutique. There is an hour drive in each direction to any formal store similar to ours. We have positioned ourselves in the hub of our county surrounded by the local high schools which are eagerly awaiting our opening for homecoming, prom, etc. The purpose of this loan is to allow for cash fluctuations in a new store opening, working capital, inventory, and payroll reserves. We have established our business credit portfolio with Dunn & Bradstreet and have a paydex score of 80+ but still would like to increase for long term cash flow opportunities. We are incorporated with a Federal Tax ID #, Maryland State Tax #, Duns number, and business bank account. We have a solid business model and clear direction for the company, and feel this step will far exceed our forecasted growth for the age (4 years) of our corporation. After watching news reports about the success of Prosper we thought this would be a unique and successful way to fund our business needs, with the intent of helping others similar to our situation. My financial situation: Personal financial situation is secure and dependable. With a household income of over $100,000 in addition to the monthly revenue of the corporation and our sales forecasting; completely eliminates any risk for default. Our personal and corporate bills are paid on time without delinquency. We are in the process of establishing our vendor credit lines and having them report to D&B to raise our paydex score. Some of the discrepencies on our credit reports are due to the decision to hire a debt consolidation company in 2005 to seperate business expenses from personal expenses. This company ended up keeping our monthly payments for 4 months and not paying our creditors. How quickly that affects a credit score to drop. We have since worked with a legal firm to correct some of the items on our report and have been effective in removing some but not all items that are keeping FICO's lower than our current finanical situation reflects. Also just recently we noticed on prosper we are marked as paying late by a couple of days. That is a automatic debit issue that we had to fix with our bank. A recent promotion, change of paydate, and main bank for deposit needed to be updated on our prosper information which has now been completed. The payments were coming out 2 days after the due date. Monthly net income: $ 9000.00 personal income per month, $3,800 corporate income projected to triple, $1500 other income. Monthly expenses: Housing: $ 1900 Insurance: $ 150.00 Car expenses: $ 150.00 Utilities: $ 250.00 Phone, cable, internet: $ 200.00 Food, entertainment: $ 500.00 Clothing, household expenses $ 100.00 |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 197843 | Business Expansion and Inventory Financing | A | $17,000 @ 18% | Sep 05, 2007 | Loan created |
| 347504 | Business Expansion into Storefront Boutique | B | $10,861 @ 22% | Jun 09, 2008 | Cancelled |
| 359122 | Inventory & Working Capital For Special Occasion Apparel Co. | B | $11,000 @ 20% | Jun 28, 2008 | Loan created |
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