Listing Profile Bid History Loan History
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Listing Title


Loan Information
Loan Status: Current Origination Date: 2008-10-01 Payments Made: 2 of 36 Total Payments: $1177.84 / $15000.00

Listing Summary

  

Borrower Info
Requested Amount: $15000.00
Lender Rate: 23.85%
Automatic Funding: No
Percent Funded: 100%
Monthly Payment: $587.31
 
Borrower: MetroDirect
Location: MI
Group: (NoGroup)
Group Fee: 0.00%

Credit Profile
Credit Grade: A Homeowner: Yes Account Verified: Yes Debt To Income: 0%

Extended Credit Data
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Listing Description
Purpose of loan:

A little bit about me. I got a job at 15 to 19 at a car wash and worked my way up to manger. Then a great opportunity came to purchase cars and re sell them with a buddy of mine. Having $55,000 saved at age 19 I left the car wash and jumped in. We were very successful and started investing in real estate at age 24 did very well there so we opened a mortgage company during the boom and did extremely well there. I started to see the industry going down in the beginning of 2007, while we were still doing good I knew this was not going to last so I started researching other businesses, on line businesses preferably. I loved buying and selling cars, so I looked at buying huge quantity of car parts (since I knew every cars name by heart almost) and re selling them for a profit. Finally in March of 2008 we called it quits for the mortgage industry and shut it down. Having several months of research already done for my new business, I went in and started purchasing my domain names and setting up my eBay store and other channels of generating revenue. I have already set up with some suppliers and placed a order for $6000 in April.Then another in May for for $16,000 another in June for $19,000
another in July for $29,000 another in Aug. for $18,000. I have brought in over $110,000 in sales since April 2008 up until now with around $80K in paypal invoices to which I can prove with my paypal statements. I also still have $65K in inventory. Business is growing very very fast. I finished my basement and dedicated the area to my business, I have pictures to show you my offices,my inventory and my shipping department I have. Yes I have a huge basement and huge house.

Reason for this loan:

I came across a pretty nice buy of auto parts related to what I sell. The company has 1000 Pieces of this item and they are all identical. They are selling me all 1000 for $15 each = $15K. The item has a retail value of $420 at the GM Dealer. I wish I can sell them for that much lol.I can sell each item for $100 with no problems and I am estimating of selling about 20-30 of them a month. I have someone that is going to purchase 100 pieces for $50 ea. and another is purchasing 400 for $35 ea. I will not use this instant cash to pay down this loan. I am going to keep this loan for the full term because obviously I get a better return on my money in my business investments then the rate I am borrowing the money at.
I have no problems of paying this payment whats so ever.
My total expenses are $2800/Month and I have averaged a net of $11K the last 5 months

My financial situation:

I have about $350K in credit card limits with about 60K in loans.Around $40K is 0 percent interest that I switch around from card to card as long as I can get 0 percent again. The other 20K are rates between 1.99 to 7.99 APR. I have a high limit because I have business and personal credit cards.Business cards give you pretty nice limits, but the rates are not so attractive like the personal cards.

I own my own home that I built in 2006 that is still worth $250K in today's economy. I have a real estate lic,. this is a real good estimate.

I owe about $205K on it.
I have 70K in my IRA.
20K in a CD that is reserved only for extreme emergencies.
$40K between my other savings,checking and business checking accounts
I owe $13K on my car that is worth $30K
I have a Motorcycle paid off worth $9K
I would say another $40K in furniture,electronics and computers.
O I almost forgot I have about $11K invested in Prosper.

If you have any questions please ask.