Listing Profile Bid History Loan History

Listing Title


Loan Information
Loan Status: Current Origination Date: 2008-06-05 Payments Made: 6 of 36 Total Payments: $3322.22 / $14500.00

Listing Summary

  

Borrower Info
Requested Amount: $14500.00
Lender Rate: 21.79%
Automatic Funding: No
Percent Funded: 100%
Monthly Payment: $552.19
 
Borrower: rec-jobs
Location: MN
Group: (NoGroup)
Group Fee: 0.00%

Credit Profile
Credit Grade: C Homeowner: Yes Account Verified: Yes Debt To Income: 11%

Extended Credit Data
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Listing Description
Purpose of loan:
This loan will be used as the seed money to launch the country's premier recreational industries, employment website. For over 12 months we have been researching and making sure that this business plan had a solid footing to get off the ground with. I personally have spent over 10 years in the RV industry and relaized that in my general manager's position that there was not a cost effective source for me to market my open positions to the candidates I wanted to. This was the problem, Rec-Jobs.com was the solution! Being entrenched in the industry we compiled a feasability study and found that over 90% of the dealers and stores we contacted would be interested if our product was priced under $200. We thing we have a great little company that not only can cash flow first quarter, but can show a projecting gross income AFTER THE LOAN IS PAID BACK of $100,000+ in it's firs year. The great part about this is that I still carry a full time job that allows me to pay back the initial start-up loan immediately being that none of the proceeds from this new company will need to go to myself. This loan will mainly be for the first fiscal quarter's marketing efforts and the raw cost of getting the site up and running.

My financial situation:
Firstly, I am sure that you are seeing the "C" and wondering why. Well young, dumb, and stupid should say most of it. I did do a few dumb things, I have been 30 days late on a couple of payments in the past (nothing in the last year), I did bite off more than I could chew at one time. I had almost $15,000 in credit card debt at one time but after holding down 4 jobs for a couple of months it was paid of IN FULL, without going to collections! I have been raised by a wonderful family that engrained the facts of life in me; life is never easy, things are never free, nothing good comes without hard work and lastly you don't know everything! I have never defaulted on a loan, never not paid someone and have never filed for bankruptcy. Any situations or loans I get into are my responsibility to make good, after all, my name is still attached to them. I am only as good as my kept promises! Being under 30 I have learned some hard lessons, that said, I am a hard working, honest, diligent person just looking for someone who is happy to make an above average return on thier investment by investing in me and my company.  I have been at my job for 10+ years and every year have succesfully garnered a 5% raise at minimum. I own a house, have a free and clear car and have no long term credit card debt, they are paid off every month. The problem I have is that Wells Fargo does not want to give me an SBA loan because they hold my mortgage and in my area my house has depreciated substantially. That said, I have a little equity in the house, not much, but Wells says that the risk is to great right now being the housing in my immediate area is in turmoil. I know 20%+ interest is rediculous but here's my angle. The risk far outweighs the payoff! Rec-Jobs.com can and will cashflow first quarter, I also have enough in savings to wipe out the loan if need be. Please, any questions email me, contact me, heck I will give you my cell phone number if you want, I just need to get this business up and running.

Monthly net income: $6,000

Monthly expenses: $3,205
  Housing: $ 2,000 (Business will rent space from me)
  Insurance: $ 105
  Car expenses: $ 0 (Free and Clear 2005 Lexus RX330, fuel paid for by employer)
  Utilities: $ 150
  Phone, cable, internet: $ 0 (Reimbursed by employer)
  Food, entertainment: $ 400
  Clothing, household expenses $ 250
  Credit cards and other loans: $ 500
  Other expenses: $ 0