RELIST: Crazy Wood Pellet Mill Guy....
| Listing Information | |||
|---|---|---|---|
| Amount: | $25,000.00 | Status: | Loan created |
| Grade: | A | DTI: | 55% |
| Lender Rate: | 25% | Borrower: | adworld |
| Finished | State: | ME | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2008-09-19 | EricsCC ROI: | 25% |
| Status History | |
|---|---|
| Sep 19, 2008 | Current |
|
We have upped the interest rate with the hope it will attract more bids and will be bid down... I know your thinking "Not this wood pellet guy again?".. But yes we are back and understand that we must tread lightly as we may have put a bad taste in lenders mouths.. We have received many positive messages from lenders who genuinely hope we succeed, yes I?m sure there wallets want us to be successful, but feel that most of you that bid on our other loan were doing so as a way to help us free ourselves from foreign oil.. On the other hand I had one message from a lender that stated how he cant believe we could do that and he couldn?t wait to see all the nastiness on the Forums that would be said about us, and honestly I think if he was able to hear out why we repaid off the loan he might of took back what he said.. So here is the reason.. When we applied for the prosper loan we had originally thought that the $25k would cover all the cost of equipment to get the wood pellet mill started and for the most part we were correct, however after securing the loan we had a stark realization that it was just enough to cover the cost of equipment and it didn?t leave much for operating capital.. So we had two options keep the loan, get the equipment, and cross our fingers and toes and hope that the sun, earth and moon line up and we will successful enough to keep the business running OR return the money.. We did the later of the two and it wasn?t an easy decision, we knew it would make lenders angry.. We understand the anger but it was the disappointment from lenders who were rooting us on that was the hardest part.. There were so many messages of encouragement and support we didn?t want to let you down.. We realized we needed more capital to succeed and that we it didn?t make financial sense to hold onto the prosper loan until we were able to secure more financing.. We didn?t know if it would take 7 days or 7 months to get the additional financing and that?s when we decided to payoff the proper loan.. So now you have and idea of what happened to that crazy wood pellet guy.. And we realize that we might of burned our bridge with the lenders here or prosper but also hope that you understand, I mean at least we didn?t take off with the money :).. We have secured the additional financing needed and now hope all of you that were there supporting us in beginning will do so this time around.. Thanks for listening D & T |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 326088 | Purchase pellet mill equipment | AA | $25,000 @ 16% | Jun 20, 2008 | Withdrawn |
| 356161 | Our first listing was horrible, trying again | AA | $25,000 @ 16% | Jun 25, 2008 | Withdrawn |
| 360011 | UPDATE!! Our first listing was horrible, trying again | AA | $25,000 @ 16% | Jun 30, 2008 | Loan created |
| 382671 | UPDATE!! Our first listing was horrible, trying again | A | $25,000 @ 35% | Aug 27, 2008 | Withdrawn |
| 389576 | Crazy Wood Pellet Mill Guy.... | A | $25,000 @ 23% | Aug 28, 2008 | Expired |
|
Discussion For This Listing
|
||
|---|---|---|
|
No Comments Found For This Listing
|