Profitable 11 year old company, Looking to Grow!
| Listing Information | |||
|---|---|---|---|
| Amount: | $18,000.00 | Status: | Loan created |
| Grade: | A | DTI: | 14% |
| Lender Rate: | 15% | Borrower: | Redfisher |
| Finished | State: | FL | |
| Funded: | 100% | Group: | Business Owners Cooperative |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | 4+ months late | Origination Date: | 2006-04-28 | EricsCC ROI: | -56% |
| Status History | |
|---|---|
| Jul 12, 2006 | Current |
| Aug 12, 2008 | Late |
| Aug 30, 2008 | 1 month late |
| Sep 29, 2008 | 2 months late |
| Oct 29, 2008 | 3 months late |
| Nov 29, 2008 | 4+ months late |
|
Hello- Thank you for reviewing my loan request. I saw Prosper on the evening news last night and thought it was an ingenious idea for bringing borrowers and lenders together. I was actually in the process of going through the rigmarole of applying for a bank loan for my business, not only do I think Prosper will fit my needs better, but I plan on lending in the near future and what better way to see both sides in detail. My Background- I have a Business Degree from Florida State University with a double major in Real Estate and Marketing, I also have the credits for a minor in Finance. I opened my current mortgage brokerage business in October of 1995 and have been in business since. I have been married for 13 years, raising two kids, and have lived in the same house, which I own, for the last 11 years. Use of Proceeds- In the past I have tried all types of advertising to generate business, none seemed to work and I have relied on a steady of referrals from past customers and returning customers to build my pipeline of loans. Being in the business for as long as I have, you see lending trends in their infancy and try to adjust your lending to capitalize on those trends. Recently, I ran some test marketing geared toward tends I see developing. That small investment brought about a dozen applications to my office with two loan closings. I plan on using to loan proceeds to fund a more aggressive marketing campaign. Realistically, I could use discretionary income as it comes available to fund the expansion, but I figured running the marketing with a cash-backing will get my business to the level of funding I expect to reach faster. Based on my test marketing I expect a minimum of two additional loans generated a month, with 5 to 10 loans very feasible. These types of loans my company has been averaging income of $3,500 each. If you run the numbers you?ll see the potential. The Risk- The last four years I have grown my company at least 20% with the same increase shown on my personal tax returns. Last year I made it into the six figures on the personal side for the first time. I am tasting success and want to go back to the buffet. Prosper says I have a debt currently delinquent. This is not true. Since I have access to credit reporting, I pull my own credit once every two months, not only to see how I?m progressing, but to make sure everything is reported correctly. My only thought is that when the accident happened, I negotiated a settlement with a credit card. Although, it shows being fully paid, it states at a settled amount, this is the only thing I can attribute the delinquency to. I can only offer my overall credit grade with Prosper as proof of timely payments as a whole. The monthly payment for this loan, will only account for approximately 4% of my monthly gross income based on last year?s returns. The payment will be drawn out of my corporate account where I keep at least two months of monthly expenses. It also has a small line specifically for overdraft protection tied to the account. The expenses calculated in Proper's DTI are paid through my company and in effect being double dipped in their calculation. I appreciate your reviewing my loan offer. Before you assess your offer and risk, know that this loan is not being used to bring myself out of the red and into the black, but being used to build my business and income exponentially. I accept the potential rate, knowing my bank wouldn?t do too much better and a swing of 3% makes little impact on the overall monthly payment due to the term. I also would like to see small investors, like you, be rewarded than a large bank. My credit is very, very important to me and being in the business I?m in, I know the importance of maintaining great credit. Thank you for your time. Feel free to contact me with additional questions. |
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