Listing Profile Bid History Loan History
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Listing Title


Loan Information
Loan Status: Current Origination Date: 2008-10-15 Payments Made: 2 of 36 Total Payments: $1028.13 / $15000.00

Listing Summary

  

Borrower Info
Requested Amount: $15000.00
Lender Rate: 14.00%
Automatic Funding: No
Percent Funded: 100%
Monthly Payment: $512.66
 
Borrower: carolinalending
Location: SC
Group: (NoGroup)
Group Fee: 0.00%

Credit Profile
Credit Grade: A Homeowner: Yes Account Verified: Yes Debt To Income: 15%

Extended Credit Data
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Listing Description
Purpose of loan:
My wife and I are currently purchasing a well established and successful tanning salon. We are paying cash for the buisness and  will own 100% of the buisness, all the equiptment and fixtures outright. We are borrowing these funds to provide operating capital for the slow season(Nov.-Feb.) we probably will not need this money based on the past several years (according to the monthly balance reports) the buisness has still done well during the off season. But I am borrowing this amount as proactive planning. I have been very successful by preparing in advance and preparing for the worst, I am borrowing this money before I need it, just in case. If we do not use this money by March when buisness starts to boom again we plan on applying the funds towards increasing marketing and providing some updates that we feel will benefit the buisness. This buisness has been successfull for over eighteen years, has no competition in the area, is located in a growing area and has a loyal customer base. This is an excellent opportunity for us and will increase our gross income by over $80,000 a year. 
My financial situation:
I am a good candidate for this loan because…We have $65,000 dollars in equity in our home based on a recent appraisal. My wife and I both have good paying careers and my wife has no bills in her name, we put her entire income into savings to enable us to purchase assets. We have no car payments or any other "consumer" debt. If this buisness were to fail (highly unlikely) I could sell half the inventory off at a used car lot that I co-own to pay off this loan or use a 401k that I have that has enough money in it that if I really had to I could liquidate it to pay off this loan. I am also a lender on Prosper with close to thirty loans and counting. My wife makes about $30,000 a year and so far this year the car lot has about a $15,000 profit. My future as a buisness owner depends highly on my good credit standing, there is no way I would allow any defaults to damage my good standing.