Opening a second location

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Listing Information
Amount: $7,500.00 Status: Loan created
Grade: C DTI: 0%
Lender Rate: 20% Borrower: Surferfamily
Time Left: Finished State: NC
Funded: 100% Group: PsychDoc's Group
Loan Information
Loan Status: Current Origination Date: 2008-07-31 EricsCC ROI: 19%
Status History
Jul 31, 2008 Current
This is a re-list.  The loan was originally listed here as #368893.  The loan was fully funded in one day.  It received 215 bids before having to be removed.  The snag came during document review.  My business is incorporated and I am paid via k-1 distributions.  I provided the proof of same to Prosper along with my last two months bank statements to show the distributions made it to my personal account.  This was insufficient as w-2 and pay stub is the only acceptable form of income proof.  I provided the same documentation on my listing from 2006 but the policy has changed since then so obviously my listing had to be cancelled.  I have proof of my income just not in the format to allow my DTI to be figured here on the site.  If this loan is funded it will be 18%.  I can assure the community that this listing is as solid as it was originally.  I appreciate all who bid the first time around and hope you will consider doing so again.
 
  Hello again!  To Re-introduce myself I am a married father of three that owns a small property and casualty insurance agency.  My first location was opened March 15th, 2005 and has been a success.  We have been a successful office for a number of reasons that include excellent customer service by an outstanding staff and strong connections to the local community.  We have received the support of other local businesses as well as local government. Our current month over previous year same month growth has averaged 12% from Apr-Jun of this year.  We have a strong book of business that renews at 92%.

 It is now time to open a second location. I have opened and run offices for others for 14 years prior to opening the first of my own. I have a tentative opening date of September 15, 2008.  The lease is signed and I will take possession of the office space September 1, 2008.  I will be transferring a small portion of my existing office?s book of business to the new location based on the distance of the policyholder?s address to the new office.  This will give us some revenue from the first day, which is unusual for a new office.

 I have purchased all the office furnishings and computers some of which were put on my personal credit cards much as I did the first time around.  This loan will be for the operating expenses of the new office for the first three months.  I anticipate the office to turn a profit in three months but to run at a deficit of about $2000 per month until then. I arrived at this figure from the results of my initial office which ran a deficit of about $1500 over it?s first three months, but wanted to overestimate the beginning losses to be conservative.  As you can see I am requesting $7500 while I will only need $6000 for the same reason. 

I have an existing Prosper loan with a perfect history that was started after opening the first office.  The group I am a member of is psychdoc?s group.  When I initially started with Prosper in 2006 I was required to have a group sponsor so I looked at some of the suggested groups online and chose this one.  I applied and they accepted me which let me post
my listing but have had no contact with anyone from that group since.

 In summary, I can afford this loan and will pay you back.
 
 
Borrower's Other Listings
36119 High interest rate credit card C $5,000 @ 13% Sep 01, 2006 Loan created
368893 Opening a second location C $7,500 @ 18% Jul 17, 2008 Cancelled
371675 Opening a second location C $7,500 @ 29% Jul 22, 2008 Withdrawn

 

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