Need More Capital to Grow Business

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Listing Information
Amount: $8,000.00 Status: Loan created
Grade: B DTI: 17%
Lender Rate: 20% Borrower: yengthao
Time Left: Finished State: CA
Funded: 100% Group: Business Owners Cooperative
Loan Information
Loan Status: Default Origination Date: 2006-04-10 EricsCC ROI: -28%
Status History
Jul 12, 2006 Current
Sep 27, 2007 Late
Oct 11, 2007 1 month late
Nov 11, 2007 2 months late
Dec 11, 2007 3 months late
Jan 11, 2008 4+ months late
Jan 17, 2008 Default
My name is Yeng [LAST NAME DELETED] and I lived in Milpitas, CA. I am the owner of a newly used car dealership going on 3 months. I have over 10 years of experience in the automobile business.

Purpose of Business

My business is mainly buying used cars from the dealership auctions and selling it at retail price for the public. I also wholesale my auction cars to other dealers. In this type of business, capital is really important because when you go to the auction, sometimes there are many good deals on a vehicle and you find yourself with not enough money to buy. I tried getting a loan from traditional banks but they would only loan it to me if I was in business for over a year. This is why I turn to Prosper for help.

Expense Summary

Business Office: $400
Insurance: $150
Miscellenous: $150

Total monthly expense: $700

I tried keeping my monthly expenses to the minimum to maximize profits

Repayment Analysis

The loan will be backed by my inventory of vehicles. So far I have not taken a lost because most of the vehicles I buy are usually $1,000 to $3,000 below kelly blue book. Repayment will come from the sales of my vehicles and personal earnings.
Borrower's Other Listings
4432 Need More Capital to Grow Business B $20,000 @ 15% Mar 31, 2006 Withdrawn

 

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