Listing Profile Bid History Loan History

Listing Title


Loan Information
Loan Status: Paid Origination Date: 2007-02-08 Payments Made: 7 of 36 Total Payments: $1127.58 / $4500.00

Listing Summary

  

Borrower Info
Requested Amount: $4500.00
Lender Rate: 16.60%
Automatic Funding: No
Percent Funded: 100%
Monthly Payment: $161.78
 
Borrower: Peacocks
Location: UT
Group: NuBeginnings
Group Fee: 1.00%

Credit Profile
Credit Grade: D Homeowner: Yes Account Verified: Yes Debt To Income: 466%

Extended Credit Data
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Listing Description
Hello, thanks for checking out our listing!  We have just re-listed this so that it would show our home ownership. We have chosen this franchise after much research. This is a fast-growing industry and we hope to make a strong pressence in Utah. In this listing and in our profile, we have included our monthly budget, our plan to pay the loan back and information about the franchise.  You can find more information as well in the forum ("Review My Listing: Response to Franchise Posts").  

Our original plan was to save up the money to purchase this pet-sitting/pet-care franchise in a few months. We planned on purchasing the territory with the greatest potential for the state of Utah (highst median income/highest pet expenditures). Someone else was looking into purchasing the same territory, so we pulled every resource together to come up with the $9k required to secure the double territory (which includes over 160k households).  Because we have used all of our resources to buy the franchise sooner than planned, we need an additional nest egg to help us with additional start-up costs, especially marketing so we can get this off the ground since we are the first location in Utah (hence the Prosper Loan even with our extra funds each month). 

First of all, we believe our DTI is incorrect on our listing. We're almost positive we put in the montly income instead of the yearly income because it makes no sense. We do have credit card balances, but do not struggle to make payments. If we did the calculations correct, our DTI is more like 38-40%.  This depends on if Prosper allow us to include tips that are made.  Most likely this won't be the case even though we have a stable average, so our DTI would be closer to 45-50%.  Please see our profile for explanation about my credit report. 

Here is what our budget will be starting in March AFTER we have opened the franchise:
James Income $3,400 (minimum)
Brooke Income $1,100
Home Phone $79
Cell Phone $160
Car Insurance $150
Gas $320
Food $250
Savings $120
Recreation $100
Misc./Emergency $500
Direct TV $55
Car 1 Payment $290
Car 2 Payment $180
Utilities $150
Credit Card Payments $600
Expenses = $2,955
Income = $4,500
Leftover = $1,545 

We plan on using the $4,500 for start-up costs such as incorporation, recruiting, licensing, and especially marketing.  We will use the leftover income for the Prosper loan paymentand to aid in any financial hiccups that might come along the way. For the fist few months, we plan on paying the monthly payment on the Prosper loan with a little extra when possible while we're getting the franchise started. Our long-term goal is to have this loan paid off within 2 years if not 1.5 years.

The pet-care industry is exciting and rapidly expanding!  Last year, people spent more on their pets than on toys for kids!  We are animal-lovers so we are so excited to get started on this business, not only to have it be a success, but to also spend most of our day with loving, adorable pets! We read the UFOC and after the first year, the company has only seen profits. Check out this article if you would like more info on the franchise. 

http://fetchpetcare.com/Documents/small_business_ops_1_07.pdf