Buying Out Partner/DTI Incorrect?Should be C
| Listing Information | |||
|---|---|---|---|
| Amount: | $8,000.00 | Status: | Loan created |
| Grade: | E | DTI: | 28% |
| Lender Rate: | 27% | Borrower: | efrasier21mbf |
| Finished | State: | OR | |
| Funded: | 100% | Group: | Business Advancement Center |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Default | Origination Date: | 2007-01-19 | EricsCC ROI: | -76% |
| Status History | |
|---|---|
| Jan 20, 2007 | Current |
| May 04, 2007 | Late |
| May 23, 2007 | 1 month late |
| May 25, 2007 | Current |
| Jun 03, 2007 | Late |
| Jun 09, 2007 | Current |
| Jul 04, 2007 | Late |
| Jul 20, 2007 | 1 month late |
| Aug 27, 2007 | 2 months late |
| Sep 21, 2007 | 3 months late |
| Oct 20, 2007 | 4+ months late |
| Jan 30, 2008 | Default |
|
About Me: Hello, my name is Ben [LAST NAME DELETED] I currently reside in Oregon State. I am a husband to a wonderful wife and a beautiful baby girl. I have a Bachelor Degree in Business Finance and am currently getting ready to start my MBA. My background comes all from working as a loan officer for a credit union all the way to Assistant Manager for Bank of America. At the beginning of this year I started out with goal in mind to acquire my own business and take personal ownership of my future. With that personal ownership came a lot of responsibility especially with a baby that was born and moving from across the state. I grew tired of always making the boss more money while I settled for longer hours to grow my income. This is year I changed that and have produced some highly profitable websites and acquired several properties along the way. My drive for success and perfection is what motivates me to always excel and provide. My greatest inspirations in my life have always come when people told me that certain goals were impossible or to lofty. These moments have produced some of my biggest life challenges and have changed me for the better. My websites have enabled me to quit my job and enjoy my family even more. As I look toward the future and study my past I have learned and applied what worked well and what didn?t. My wife and I both have excellent credit. **We never had a bankruptcy, collection, judgment, or late payment on our credit report at any time. My credit score has dropped drastically because I financed most of my business. I put all of the business debt in my name so it would not affect my wife?s credit. Because many company?s that are new are still trying to build credit, banks do not lend to them. Therefore I financed the business knowing my credit rating would drop. I went from a high 700 to a low 600. Prosper has rated me at an E when it should be a C or D. Take a look at my websites: www.videosforkideos.com (The picture on the site is of my little girl) www.born2bbright.com www.bcfgamers.com These sites also do not take into account what we do on Ebay. What the loan is for: In the process of building my business I received start up capitol to cover costs of product development, equipment, building, etc. I originally put up $9,000 USD of my own cash to start the business. The rest was borrowed from my business partner. I borrowed $65,000 USD from him. I have since paid back within the year $42,000 USD from business proceeds. I am paying my business partner in full on January 20th. I am seeking the funds to pay him. How we will repay the loan: The income from our business will pay this loan in full. As you can see from the numbers listed below there is more than sufficient revenue to pay for the monthly payment that will be due on this loan. Prosper does not allow to list income that is not verifiable. Hence I have only listed what I can prove through paychecks and tax returns. If gross receipts and expenses were recorded, the profit shows a different picture. When taxes are filed for 2006, we will be able to prove substantially more. In ? per Month Me- $8900 Wife-$1400 Total- $ 10,300 Out ? per month Lease- $700.00 Car- $217 Insurance- $97.00 Credit Cards- $600.00 (We pay in full every month) Utilities- $200.00 (electric, phones, cable, internet, water, trash) Groceries- $450.00 IRA?s- $400.00 Savings- $2000.00 (includes money for daily living, gas for cars, recreation) Total- $4664.00 Thank you for looking - Happy Bidding |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 79390 | Buying Out Partner | E | $23,000 @ 27% | Dec 30, 2006 | Expired |
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