Can people comment on my prosper loan writing?

[youngmarketplace]

Hello

I am looking for comments before I post this on prosper. Any comments or suggestions to make it better. Also any help on getting funded?

Thanks a lot

Jorel



Testimonials on Jorel R Cuomo:

“Jorel is both, pragmatic and innovative, and at the same time is supported by lots of energy! He will I believe, soon find a “break- through” idea that will launch him on a very successful career.” -Barry EcclestonCEO and President, Airbus North America

“With a natural core intelligence aligned with his energy, artistic skills and fascination with businesses, I would predict success for Jorel in the years ahead.”

-Sam Addoms Co Founder and Former CEO of Frontier Airlines



Purpose of loan: This loan will be used to purchase one Dodge 3500 truck at $7,000 and the remaining $7,000 will be used as cash flow to pay for initial month of operations. These include our 13 part-time employees, buying fruit, and gas.


My financial situation:


My company has 13 markets per week in Colorado . We operate 4 on behalf of another company and have a contract worth $60,000. This contract is payable bi weekly. We also maintain 9 markets per week on our own. We sell Colorado USDA Organic Fruit, and produce at all of our markets. We could easily pay this loan off at the end of the season, if we needed to. My credit score is almost a B, this is due to Low Credit Limit and chase credit card failing to acknowledge payment received on the date it was. My DTI is so low because everything is in my companies name.

Monthly net income: $ 5,000.

Monthly expenses: $200
Housing: $0.
Insurance: $.
Car expenses: $0.
Utilities: $0
Food, entertainment: $50.
Clothing, household expenses $50.
Credit cards and other loans: $100.
Other expenses: $

[Gaulkin]

Your going to need to prove that everything your saying is true.

[JLeezer]

Are those legitimate quotes from Addoms and Eccleston?

In the first sentence of the line that reads "Purpose of loan:" change 'cash flow' to 'working capital'. Change the second sentence to read: These expenses include payroll for our 13 part-time employees, purchasing fruit and produce, and fuel expense for our truck.

Rewrite the "My financial situation" section as follows: My company services 13 markets per week in Colorado. We operate 4 markets on behalf of another company under a contract worth $60,000. This contract is payable bi-weekly. Additionally, we maintain 9 markets per week on our own. We sell Colorado USDA organic fruit and produce at these markets. We will be in the position to pay off this loan at the end of the season, if necessary. My credit score is just below a B due to low credit limits and a payment dispute with Chase.


The big problem I see is your unbelievably low expenses. You will definitely be asked to explain how you live on $200 per month. On that note, how do you live on $200 per month? I'd be excited if I could live on that for a week...maybe I can get some good tips from you.

[youngmarketplace]

Hello
Thanks for the great comments
Yes those are genuine comments from both Sam Addoms and Barry Eccelston. I know them both personally, and we talk regulary.
I dont pay for food, housing, auto. You should really talk to your accountant. If you have a good one they will show you how to do it. So in reality I do spend more, however since its all in my companies name, its not showable on my personal figures.
Thanks

[youngmarketplace]

Gaulkin

How should we go around showing everything is true on prosper?

Thank you

[rogercbryan]

Gaulkin

How should we go around showing everything is true on prosper?

Thank you

Financial Statements
Tax Returns
Bank Statements
Credit Card Statements
Letters of Reference with contact info for the person who wrote it

These might not be something you want to post for everyone see on Prosper but they would be helpful as a negotiating tool with an interested investor.

[youngmarketplace]

Financial Statements
Tax Returns
Bank Statements
Credit Card Statements
Letters of Reference with contact info for the person who wrote it

Prosper doesnt require any of this and there is no where to put it. So Are you sugesting sending it to the 100 people that want to bid on my loan on prosper.

Thanks

[Mega B]

Blimey i amazed at what personal information people put on a Open Forum with Identity theft at a all time high,just my personal opinion

[Gaulkin]

Id be happy with the past 3 tax returns.

[eliz4biz]

Just out of curiosity, have you tried getting a low interest loan at a bank? I have found that prosper feeds on people for the high interest rates. I may be wrong, but that's my first impression.

[rogercbryan]

Financial Statements
Tax Returns
Bank Statements
Credit Card Statements
Letters of Reference with contact info for the person who wrote it

Prosper doesnt require any of this and there is no where to put it. So Are you sugesting sending it to the 100 people that want to bid on my loan on prosper.

Thanks

You get to post a business summary correct? You can put in the listing that this information is available to people considering lending money over a certain amount. I can't say that I've ever tried to get a loan through prosper but I would think you could get some of this info in there.

[youngmarketplace]

Right I do have 2 loans already with Key Bank for 2 vans at 8% . But I need another truck. See thats the problem. Thanks

[eliz4biz]

I am a qualified lender with prosper; however I have not gone that route. I think prosper is interesting to say the least as I first learned about them through Fast Company. With that being said, don't let anyone take advantage of you...if you need money, I'll certainly loan it to you at the 20 - 30% interest that I have seen on prosper.
Seriously, good luck in your endeavors!