Help us build our business for the Holidays
| Listing Information | |||
|---|---|---|---|
| Amount: | $2,500.00 | Status: | Loan created |
| Grade: | A | DTI: | 18% |
| Lender Rate: | 11% | Borrower: | kenricva |
| Finished | State: | VA | |
| Funded: | 100% | Group: | Craigslisters |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Paid | Origination Date: | 2006-12-14 | EricsCC ROI: | 10% |
| Status History | |
|---|---|
| Dec 16, 2006 | Current |
| Jan 03, 2008 | Payoff in progress |
| Jan 08, 2008 | Paid |
|
Hi, My name is Kenny. I live in Petersburg, Virginia with my wife of three years, Wanda. I work full time in retail operations for a large retailer based in Virginia and have been at that job going on 22 years. My wife is retired but drawing a disability from the government. With her disability we take in about $68,000 a year. Last December we leased a space in a new antiques mall in downtown Petersburg. Our sales have been above good overall but start up expenses have taken a toll on our living expenses. After a few reworks of our merchandising strategy, we have settled in on specializing more in antique furniture and fixtures. These larger ticket items have a nice profit margin but storage has been a problem for us. Right now we have a problem restocking as I am only available to do this on weekends. Another setback has been some health issues which has sidelined Wanda for some time. It has now become tough for her to lift even the smallest furniture items and we haven't been able to afford to take in another partner on this venture. My 81-year-old mother is in great health and has been a big help with our smaller items but she has other interests and we don't want to take up all her time with this business. Our best months have seen sales top $1800. We pay $200 in rent and 15% commission to the mall each month, leaving our take home around $1200 on good months. However, because of Wanda's health setbacks, we've had to take on consignments which has cut into our profits. What we would like to do is get a loan in order to get more more inventory of our own. If we can grab a good estate deal for around $1500-$2000, we can easily turn that into $4000-$6000 in a matter of weeks. Recently we nabbed a $12 postcard at an auction that fetched $250 on eBay. We know where more of that lives, but we need the capital to get the stuff. Even with medical insurance, Wanda's prescriptions are still running us $200 a month. Plus, we had to take in her daughter for a while when she lost her job. Fortunately she has found a good job that even gave her a free apartment so that is no longer an issue, although her living with us over the summer took a toll and cut into our expenses. Here's how our balance sheet looks at the moment My take home pay : $2200/month Wanda's : $1800/month Car insurance $300/month as we are still paying for her daughter Utilities : $250/month Prescriptions : $200/month Other Medical: $100/month Groceries: $400/month Cell Phones: $200/month Gas: $450/month Mortgage: $1550/month I know our expenses look high and we have taken a good look at those and have begun cutting some costs. For example, we are dumping cable except for basic. We have to keep the Internet in order to do business. We dumped our regular phone service long ago for Vonage which is a great money savings. Our Gas (gasoline) bill is high because I commute 45 minutes each way to work. Unfortunately there is no way for me to work at home and I haven't been able to find anything closer to home that pays as well as I am getting. We are trying to cut grocery expenses and we are eating out a lot less than we used to. We don't vacation. We bought a time share at the beach in the dead of winter, which is fine with us. We shop thrift stores and don't go out much. Please email me if you have any more questions. We aren't looking for much, just enough to get us over a hump. And when we get back on our feet, we hope to be able to fund others in our group who are in need of a little boost. I will pay back promptly, and hopefully early if all goes well. Thanks for your consideration. |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 69541 | Help us build our business for the Holidays | A | $2,500 @ 11% | Dec 02, 2006 | Withdrawn |
| 404759 | Need to Pay Down Mortgage to sell house to spouse | B | $15,000 @ 22% | Sep 26, 2008 | Withdrawn |
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