2nd time Prosper borrower seeking to lower rate
| Listing Information | |||
|---|---|---|---|
| Amount: | $7,500.00 | Status: | Withdrawn |
| Grade: | B | DTI: | 0% |
| Lender Rate: | 28% | Borrower: | sunroof |
| Finished | State: | CA | |
| Funded: | 0% | Group: | (No Group) |
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This is a relisting of a recent loan request that reached 50% funding. I am listing this loan request again because I had several emails from lenders asking me to let them know if I relisted, so they could bid on my loan. Hopefully, these lenders will help my loan get fully funded this time. Thanks. Explanation of high revolving balances: Just before the end of the last listing, I got a question asking me about my high revolving balances, so I thought I would explain that here. I am developing a web site called UsedPhone.com, which is a marketplace where users can place free ads to buy and sell phones. Between acquiring the domain name and other costs, I've had to use more of my personal resources than I would have liked to develop the site, but it is gaining traffic and starting to make money from advertising, so I expect I will be able to start paying down my balances in the near future. In the meantime, I am planning to pay off higher cost loans with the proceeds from this Prosper loan. Thanks. Purpose of my 2nd loan from Prosper: A little more than a year ago, I borrowed $25,000 on Prosper. All my payments on that loan have been made on time. My original listing for that loan is shown below. Now, I am seeking a new loan to lower the interest rate I am paying. I plan on using the proceeds from this loan to pay down some of the balance on the loan I received last year. Below is the original listing for the loan I obtained on Prosper in 2007. Purpose of loan: My company has bank lines of credit, and I have also recently used personal credit card debt to fund it. I am seeking to pay off the personal credit card debt, which I have used over the last year to fund a transition in the business. Explanation of my high DTI: My company is cash flow positive, but it is a subchapter S corp, which means that the total profit or loss flows through directly to me for tax purposes.Given the interest deductions from the payments on my house in the San Diego area, and the interest I pay on the credit cards I have used to fund the business for the last year, my personal income tax statement shows a loss. Prosper doesn't let you enter negative income, so I think it is dividing my debt by some low positive amount to calculate my DTI. But I think my A credit rating shows that I have the cash flow to pay my debts. Company background: UsedPhone.com My company started in business reselling used phone and computer equipment. I recently completely phased out of that business to focus on the development of the domain names I own. In the process, I took on some personal credit card debt, which I would like to replace with debt from Prosper lenders. My company is a California corporation started in 1990, and operates several developed and long established web sites. And, over the years, I acquired several hundred desirable domain names. One of my developed sites is UsedPhone.com, which is a marketplace for used phone equipment, both cellular and large systems. I allow individuals to place a free ad to buy or sell their own phone, and I charge dealers who want to place a quantity of ads. I also make money from Google AdSense. In Google, UsedPhone.com is the first site returned when searching for a used phone. Even though many cellular phones have little or no resale value, many people damage or lose their phones, and my goal with UsedPhone.com is to create a marketplace where anyone can quickly find a cheap or free replacement phone in their local area, either from another private party or local dealer. |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 120016 | UsedPhone.com seeks development funds | A | $25,000 @ 13% | Apr 06, 2007 | Withdrawn |
| 120336 | Business seeks to pay personal credit card debt | A | $25,000 @ 22% | Apr 07, 2007 | Loan created |
| 341146 | 2nd time Prosper borrower seeking to lower rate | B | $7,000 @ 23% | May 29, 2008 | Expired |
| 345275 | 2nd time Prosper borrower seeking to lower rate | B | $7,000 @ 23% | Jun 05, 2008 | Expired |
| 350007 | 2nd time Prosper borrower seeking to lower rate | B | $6,900 @ 23% | Jun 13, 2008 | Withdrawn |
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