Consolidate Profitable Business Running on Credit Cards
| Listing Information | |||
|---|---|---|---|
| Amount: | $15,000.00 | Status: | Loan created |
| Grade: | D | DTI: | 10% |
| Lender Rate: | 17% | Borrower: | chriscsm5 |
| Finished | State: | CA | |
| Funded: | 100% | Group: | BORROWERS - Free instant Listings - LARGEST GROUP |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Paid | Origination Date: | 2007-01-16 | EricsCC ROI: | 16% |
| Status History | |
|---|---|
| Jan 13, 2007 | Current |
| May 28, 2008 | Payoff in progress |
| Jun 05, 2008 | Paid |
|
ABOUT ME: My name is Christopher [LAST NAME DELETED]. I am 28 years old. I work for Yahoo! Inc. in the corporate controllership in Sunnyvale California. I live in San Francisco. I graduated Lehigh University with a B.S. in Computer Engineering in 2000. THE BUSINESS I own a small business selling refurbished electronics & cell phones. I have four employees. We have recently experienced an enormous growth spurt in quarter over quarter sales and expect the trend to continue in 2007. You can see more about this business by visiting www.auctioncleveland.com. If you research my sales for December 2006 we had over $60k in eBay sales and $10k in outside eBay sales. We expect January to be approximately $85-$90k gross revenue @ 35% margin. I carry a 100% feedback rating on eBay which should help show I am a serious and trust worthy business. Show me ANY other company that can transact over 5000 transactions and receive NO negative responses to their service and I will show you an AA credit rating. I turn over inventory very quickl and need keep larger inventories. We have the infrastructure to scale but not enough cash to float the inventory costs. I currently have $40k in cash and would like to borrow another $15k to expand inventory for three to six months. The business currently generates about $20k per month in net margin and overhead is at $8k. DO YOU THINK THE CREDIT INDUSTRY IS A FARCE? I DO. I have a 550 credit rating right now (620 two months ago) because I am using my credit card leverage to finance inventory costs. I grew $15,000 of credit card money into $40,000 in two months. I am out to prove Experian and the entire existing credit reporting industry absolutely dead wrong about risk calculations. When I was 18 my parents used my social security number to put real estate loans into my name. Their business tumbled leaving me with tarnished credit. I have long since recovered, yet still carry those issues on my credit report making it difficult to obtain financing. Please feel free to let me know if there is anything else I can provide to help you understand more about me. I would be happy to share my resume, other business references and a P&L showing the growth. HERE ARE MY MONTHLY FINANCIAL DETAILS: Personal Only (Non Business Income) Business Income Approx $5,000 / MONTH Net income after payroll deductions from all sources: $4,000 / MONTH Spouse's Income: $1,500 / MONTH Total monthly family Income $5,500 Mortgage/Rent: $1,800 Phone: $100 Gas: $0 Electricity & Water: $18 Car Loan and Operating Expenses: $100 Food: $200 Insurance: $0 Cable/Internet: $ $70 Clothing, expenses for children, etc. $ 100 Credit cards and loans that won't be paid off with my Prosper loan: $ 0 Other: $ 0 ----------------------- Total Monthly Expenses : $ 2,400 I will just from my personal income have $2000 left to make the payments on my Prosper loan. I will have from my personal and business income over $7,000 a month to pay my prosper loan back. I anticipate paying this loan back much faster than 3 years; estimating 3 - 6 months. Christopher [LAST NAME DELETED] [PHONE DELETED] [EMAIL DELETED] |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 341702 | Consolidate Profitable Business Running on Credit Cards | A | $24,999 @ 14% | May 30, 2008 | Loan created |
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