Expanding consumer activist shop.
| Listing Information | |||
|---|---|---|---|
| Amount: | $21,000.00 | Status: | Loan created |
| Grade: | B | DTI: | 37% |
| Lender Rate: | 20% | Borrower: | willsmom |
| Finished | State: | MD | |
| Funded: | 100% | Group: | BORROWERS - Free instant Listings - LARGEST GROUP |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Default | Origination Date: | 2007-03-01 | EricsCC ROI: | -40% |
| Status History | |
|---|---|
| Mar 01, 2007 | Current |
| Jan 16, 2008 | Late |
| Feb 03, 2008 | 1 month late |
| Mar 02, 2008 | 2 months late |
| Apr 02, 2008 | 3 months late |
| May 02, 2008 | 4+ months late |
| Nov 15, 2008 | Default |
|
Hello. I am a divorced mother of a super 15 year old. I?m applying for a loan here because my situation is unusual in that I have assets but very little cash. I am in the process of selling my beach house to raise money to expand my business and pay some personal expenses. I need this loan to tide me over till my business is going well and the beach house sells. After 13 years as a fed, I left to stay home and raise my son. I always worked part time as a consultant and corporate trainer while he was growing up. I?ve done executive training for large agencies like NASA, all the way down to small programs for the Baltimore Mayor?s Office. After 25 years of marriage I was divorced, with full custody of my child and absolutely no idea where to start looking for full time employment. A disappointing, frustrating job search followed and forced me to rethink my goals. I spent a year researching and in 2006 opened my ?consumer activist? gift shop , in D.C., featuring products from socially responsible, green friendly, fair trade and charitable companies. It took off like a rocket with sales going from $1900 to $6500 per month in just 4 months. I had only a short term lease, so at the end of the year I closed and began looking for larger, better space. I found a wonderful space inAnnapolis but the rents are significantly higher, but then trade traffic is significantly higher. At the same time, it became apparent that I absolutely had to have surgery on my hands for carpal tunnel. The doctor assured me that it was ok to do both hands at the same time and that most people recovered in a few weeks, but unfortunately, I have not. It has been over six weeks and I have not regained complete control of my right hand. Otherwise, I feel great and I?m champing at the bit to reopen in a new space, but the cash I set aside to reopen has dwindled and nothing came in while I recovered. With a loan of 21K I will: *pay first and last months rent on the new space *pay personal expenses incurred while recovering *buy additional inventory to fill out the new larger space *bank at least 5K as a cushion to repay my Prosper loan till the business is going well and the beach house sells. I will pay my loan faithfully. The beach house you see pictured is mine. I told the agent to price it to sell in 30 days and offered an incentive. I expect to clear just under 100K from the sale. With some of the proceeds, I will become a Prosper lender. I intend to ?pass the favor on? as my belief is we all need to do good to do well. Thank you for reading my listing and thank you doubly if you decide to bid. I realize that my LTI is high but that will change as soon as the shop reopens and my property sells. |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 97314 | Selling my beach house to expand my consumer activist shop. | B | $25,000 @ 16% | Feb 10, 2007 | Withdrawn |
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