Loan to Purchase Existing Business
Homeownership Verified

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Listing Information
Amount: $15,000.00 Status: Loan created
Grade: B DTI: 40%
Lender Rate: 14% Borrower: amorrill
Time Left: Finished State: IA
Funded: 100% Group: Fairplay Lending
Loan Information
Loan Status: Default Origination Date: 2006-12-18 EricsCC ROI: -23%
Status History
Dec 16, 2006 Current
Jul 09, 2008 Late
Jul 19, 2008 1 month late
Aug 19, 2008 2 months late
Sep 19, 2008 3 months late
Oct 19, 2008 4+ months late
Oct 23, 2008 Default

Hello,
I am looking to borrow some start up capital to purchase an existing business. The business has been around for five years and has been profitable every month since it opened. It is a Tanning Salon in an excellent location. The equipment involved is all paid off so the overhead costs are simply utilities, labor and lease. The salon has never done any advertising or set up any recurring monthly memberships. Doing both of these will I believe increase revenues substantially. We already have bank accounts and a C-corp. set up to keep the business as separate entity and help things run smoothly. I have worked in office management and customer service for years and my husband who will be helping me run the operation is a finance and economics major, he was also the store manager of a retail store giving him accounting, HR and sales experience. We hope to work out a loan with Prosper members and then reinvest some of the extra capital from the business back into Prosper to help others get started. Thank You For Your Time and Happy Bidding.

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