Listing Profile Bid History Loan History
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Listing Title


Loan Information
Loan Status: Current Origination Date: 2007-01-31 Payments Made: 22 of 36 Total Payments: $21927.38 / $25000.00

Listing Summary

  

Borrower Info
Requested Amount: $25000.00
Lender Rate: 23.00%
Automatic Funding: Yes
Percent Funded: 100%
Monthly Payment: $980.82
 
Borrower: FINISHLINEMS
Location: WA
Group: NuBeginnings
Group Fee: 1.00%

Credit Profile
Credit Grade: C Homeowner: No Account Verified: Yes Debt To Income: 0%

Extended Credit Data
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Listing Description
   My passion has been for motorcycles all my life. From mini bikes to motocross from scooters to sport bikes I have always been fascinated and I enjoy riding them all. Through out my adult life I have worked in either sales or in parts and service. Before I started Finishline Motorsports I was the parts manager for a large Peterbilt dealership where I grew our monthly sales from $400,000 a month to over $600,000 per month.     Finishline Motorsports has been a way for me to blend the skills I have learned and the talents I have with my passion. I opened the doors in may of 2005 and shortly there after hired my first mechanic and my parts/service manager, who has over 7 years experience in parts and service. Our current mechanic is M.M.I. trained and certified in Honda, Yamaha, Kawasaki and Suzuki. We are a full service dealer with sales, parts and a service department. We sell both new and used motorcycles, ATV's, scooters and off-road motorcycles. In the last 20 months we have grown our inventory over ten fold, and our gross sales this year are up over 60% from last year. We advertise in both print and broadcast medias, plus sponsor and attend local racing and riding events.   We have several new models releasing this spring that should boost sales.  We are looking for $25,000 to help pay for some of our inventory growth, a new dealer management computer program and to hire and train one new employee to help us handle the growth we anticipate this spring. We are coming in to our busiest and most profitable time of the year and need these additions to keep us growing. Our budget/forecast for 2007 has us at $564,178 in gross sales with a gross profit of $211,909 and budgeted expenses for the year of $186,556. We want to amortize the loan over 3 years with a plan to pay it off in 2 if possible.

We have relisted at a higher rate.