Early Payoff of Business Start-up Loans
| Listing Information | |||
|---|---|---|---|
| Amount: | $25,000.00 | Status: | Loan created |
| Grade: | A | DTI: | 31% |
| Lender Rate: | 15% | Borrower: | make-it-happen |
| Finished | State: | TX | |
| Funded: | 100% | Group: | KING FINANCIAL GROUP///100% CASH FLOW SOLUTIONS FOR YOU |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Late | Origination Date: | 2007-03-01 | EricsCC ROI: | 10% |
| Status History | |
|---|---|
| Mar 01, 2007 | Current |
| Jul 16, 2008 | Late |
| Aug 01, 2008 | Current |
| Nov 16, 2008 | Late |
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Hello, my name is Michael. I am 40 years old and happily married with one five-year old son. I work as an Aerospace Engineer in a management capacity and my wife works as a Registered Nurse, also in a supervisory role. We are home owners with high credit scores and low debt to income ratios. Nearly three years ago, we started a retail business that has grown to have sales of over $750K per year and, in spite of the high start-up costs and significant re-investment of revenues in sales growth, generates a profit after only a few years of being in business. Our business start-up loans are nearly retired meaning that for relatively low remaining balances owed, we are paying the same high monthly payments as when the loans were originally funded. The proceeds of the proposed loan will be used to pay-off the following obligations: Business start-up loan -- $6K remaining of $20K original loan amount -- $644/mo. Business equipment loan -- $11K remaining of $40K original loan amount -- $840/mo. Business-use Credit Card -- $8K balance (was used for merchandise) -- $360/mo. (2 X minimum) The monthly payments for these three add up to $1844 per month versus the anticipated loan payment for this Prosper.com loan of roughly $885 per month. That would yield a cash-flow benefit to our business of nearly $1000/month that will be invested in further sales growth via marketing, advertising, outside sales, and a web site. This loan will be serviced using ongoing business revenues (as are the loans being paid-off), with our personal household income serving as a back-up source of repayment funds. Thank you for your time and interest and please; bid generously and bid with confidence. |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 87777 | Retiring Business Start-up Loans to Increase Cashflow | B | $25,000 @ 17% | Jan 22, 2007 | Withdrawn |
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