Established & Profitable WEB business seeks funds
| Listing Information | |||
|---|---|---|---|
| Amount: | $6,000.00 | Status: | Loan created |
| Grade: | B | DTI: | 9% |
| Lender Rate: | 11% | Borrower: | SteveTexas |
| Finished | State: | TX | |
| Funded: | 100% | Group: | WealthBuilders |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2006-04-11 | EricsCC ROI: | 6% |
| Status History | |
|---|---|
| Jul 12, 2006 | Current |
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I have been selling this particular type of sandals online since 1999. A good friend of mine does the manufacturing and shipping. We live in the same small Texas town located south of Houston. In the 1970?s Kevin invented this particular style of sandal ? a three layer, closed cell laminate foam that is strapped to your feet with soft surgical tubing. He originally named them ?Tiddies? and they became very popular. Talk to someone who grew up on the Gulf Coast and enjoyed the beach and chances are they will know about these sandals. He now calls them ?Pirate Sandals?, a much more retail-friendly name. I average around $800/week in gross sales, with roughly one half being returned to the shop to pay for the wholesale purchase of the sandals that I sell at retail. All I do is promote my site, take the orders via Paypal.com and forward them to the shop. The Shop fulfills the orders and handles all inventories. I am requesting this loan to ?prepay? for the next few months worth of wholesale inventory -- in return I get a 3% discount on my invoice, shipping included. It?s a clean business for me ? no inventory, no fulfillment, just process the orders and forward them to the shop. Once a week I stop in the shop and pay my invoice. By fronting him this money, I will not have to pay my wholesale invoices to him until they surpass this amount. Whats left over stays in my Paypal account, where I use it to transfer to my bank account, pay for advertising (usually around $20 a week) and pay for my web hosting ($10 a month with Godaddy.com). I handle all the website issues ? taking pictures, updating the pages and responding to emails. I am a 38 year old father of three that has been married for 14 years. I work as a project manager in the construction management/pharmaceutical validation business and earn a low six figure salary. My wife works 30 hours a week and makes slightly less than half of that. We have relatively low debt ? a few hundred at any given time on our credit cards, which we try to pay off every month. We have one car note on a 2004 Land Rover that we bought used last year for less than 30k, and our house note which is less than $1000 a month. Between the two of us, we have a number of 401k and annuity accounts, retirement programs and savings account. I have the amount of this loan in my savings account, readily accessible. My paycheck alone could pay this loan off in one month, and I could easily make the payment without the sandal business. My employment income is secure, I have several years? worth of Paypal.com history that shows this business has been a steady earner for me ? with at times my gross sales approaching $2000 a week (Summer is the BUSY TIME). Even in the dead of winter I am usually doing $500 a week at a minimum. I have included a screenshot that shows today?s orders and my Paypal information in the inset. As you can see ? I have been doing business with them as a business account for over six years. I could easily pay this loan off in advance just with upcoming sales (I estimate 15 weeks of wholesale invoices 400/week x 15 weeks = $6k) ? but I will probably leave the money in Prosper and start looking at other loans to fund. Most of my traffic comes from people searching for "tiddies" sandals. Check for TIDDIES on any search engine and you will see that my site dominates the search engine listings. |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 5110 | Established and profitable ecommerce site seeks help | B | $6,000 @ 15% | Apr 05, 2006 | Withdrawn |
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