Need to increase inventory
| Listing Information | |||
|---|---|---|---|
| Amount: | $2,600.00 | Status: | Loan created |
| Grade: | D | DTI: | 10,000% |
| Lender Rate: | 15% | Borrower: | continuity |
| Finished | State: | NJ | |
| Funded: | 100% | Group: | Everyday People |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2007-01-19 | EricsCC ROI: | 11% |
| Status History | |
|---|---|
| Jan 20, 2007 | Current |
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I am a freelance writer of non-fiction books and magazine articles with three books in print, and three more scheduled to be released between now and summer 2008. My most recent title is a regional travel guide. I had a signed deal with a traditional publisher but it fell apart after the book was already written. I wanted to give the non-profit companies that had underwritten the costs of my research the book they wanted, and I also realized that by controlling the distribution I could make more money per copy than I can with a more traditional royalty arrangement, so I invested some cash and self-published the book using a respected Print on Demand service (yes I know many of them are rip-offs, but this one is not.) I am wholesaling the book myself, getting a good return by pre-paying for copies in lots of over 100 copies, and selling the book to stores at a wholesale price. My only problem is that the orders are coming in faster than I can get inventory to fill them due to limited cash on hand. I am requesting the amount of $2,600, which will quadruple my inventory, and cover the first three months of loan payments, by which time I will have proceeds from current invoices to make my cash flow, well, flow. The DTI is insanely high because I asked Prosper to re-set my income to $1 as this is a new business venture, and I wanted to avoid verification nightmares which aren?t good for the lenders or the borrowers (I started on Prosper as a lender and have a small portfolio). My DTI before the reset was 9%. I am offering the maximum interest my state will allow. My DQs are all due to biting off a much larger house payment than I could easily chew in 2001, and the subsequent financial fallout. All of those problems are resolved. The PR is an ongoing minor drama with the state tax that I file jointly with my husband, I expect it to be resolved soon. I am a homeowner, and will fax documents to Prosper to verify that. I paid cash for already incurred expenses including the copies I am already selling, and use the office, telephone, fax etc that is already set up for my writing business. I have sales and advertising support from the non-profits I am working with, and will be doing a series of book signings and author appearances in late March/early April. No additional expenses will be incurred without the cash flow to cover them, I just need this small lump sum to get orders out efficiently so I can send out invoices, get them paid, and focus on promotional efforts which is more my normal job as an author. |
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