Not leaving well-enough (?) alone, Cory continued to tinker with his loan pitches, spamming the forums with them. Here's a revision where he decides he can't wait for hundreds of $50 bids to fall into place (incidentally, absolutely nobody was bidding), and asks for three peole to pony up $8,000 apiece. No time for puny lenders, time to get the show on the road.
Key phrases: "You can be assured I won?t ruin my chance to build a perfect score and take this NC to a AA in no time." " I'm setting my loan to fund as soon as possible, meaning as soon as it reaches fully funded it automatically ends bidding" "I pretty much already found someone to fund my full loan now, so you all missed out. Sorry."
Number of bidders: 3
Amount per bidder: $8000+
DTI: 0% not including loan payment
Loan Title: <<>>
Credit: NC, soon to be A-AA
Each lender will be provided with the following:
- 5 Vouches from 5 other webmasters to prove my site has a 99% chance of profiting enough to pay the loan off within 12 months. I want to pay it off as soon as possible for various beneficial reasons. I'll be walking away with about $50,000-$75,000 within 10 months to a year, including the money made from selling the site.
- Proof of previous 3 1\2 years work experience starting at just 14 years old, proof I stayed with the company through moving twice in 3 different cities including a transfer, multiple positions.
- Proof I have an option income of $1200-$1500 per month IF necessary. (It won't be.)
- Verification of my 3 security and back-up measures to prevent the possibility of a late payment before hand, to prevent the possibility of taking longer than 18-24 months to pay the loan off, and to keep my credit clean since I have clean credit right now with the opportunity to build a perfect credit score.
- Further proof of anything requested if I can provide it.
- Proof I have $0 in bills, $0 in cost of living, and can live at home for as long as needed to move out. (A lot of college kids live at home till they're 24..I don't turn 21 till November.) which further proves my DTI is not 1 or 2, but 0%. No gas, food, cell, internet, rent, nothing. I don't go to movies, I don't go out, I save on everything that I do buy, and am very strict with spending.
- Links to all the websites I've read on money management, saving, and spending.
- Verification of my identity by any means requested, in addition to prospers identity checks.
- Any additional verification that would make you feel more safe or secure.
Below is my revised description:
My Experience
About two years ago I started to get really good at what I do and became very private and protective of my ideas. Almost every original, unique, and trendy idea that hits the internet and makes ANY kind of profit whether $5000 or $5,000,000 is immediately copied and imitated, sometimes stolen. A month after the first ?Myspace friend adder? came out there were already several copycat sites trying to eat off the same plate, cutting into the originators profit. Now when you google ?Myspace friend adder? you see dozens and dozens of them. If the originator would of known what I know and would of been as ambitious as I am now, today there would only be 3 or 4 other ?Myspace friend adder bots? instead of 25, 50, however many are floating around out there. Almost every original idea that hits the internet with any amount of success is almost IMMEDIATLY copied. The first pixel site, the first ?street fighting video? website, the first ?The Palace?, the first ebay, the list goes on and on and on. Because of this and because the skills I?ve learned give me such a huge range in my ability to create, I had to learn to become skilled at creating barriers and walls around my ideas to prevent copycat sites and the rest of the web world from taking my visitors or cutting into my profits (A tactic used by many). Some webmasters don?t have to worry about it because their ideas are not original or new to the internet and web world, they are just business sites with a product and traffic flow with hundreds or hundreds of thousands of people already at the same table so it doesn?t matter who else comes to sit down with them. (Example: Opening a site that sells T-Shirts, lotions, chat room software, ect.). To sum it up, the site I?m opening with the loan money has no one else at the table but me. It?s new, fresh, creative, unique, original, highly appealing to a wide variety of people, and even with my barrier there will still more than likely be copycats who imitate me. Not many though, and only the bravest ones with the most finances would even try. Unfortunately for them they won?t be taking too many of my visitors or cut into my profit, thanks to the skills I?ve learned and experience I?ve gained the past 6 years.
More in profile.
The Money
Requested Amount: $24750 (The original price of start-up that I came up with was almost $30,000 including security, I had to minimize a little)
$10,000 ? Back-up, expansion, & security. [I can afford to pay the extra interest on the $10,000, I explain later.]
$7000 ? Site development including high quality graphics, affiliate & merchant software, licensing, copyrights, accounts, domain, hosting, and a list of others.
$3000 ? Advertisement [Plus 4 other methods of generating targeted traffic separate from the $3000. Not including word of mouth.]
$4000 ? Various other costs and private expenses I can?t name to protect my website and idea.
Bonuses
- More money used for advertisement from the profits of the site. (Multiple methods of profiting, not just one way for the site to generate income.)
- Site will more than likely begin to profit within days after the public opening.
- I have an optional income of $1200-$1500 per month if needed and pay out $0 every month with no bills or cost of living. This means I have $1200 to $1500 per month extra income to do whatever I want with IF getting a job is necessary. (It won?t be)
- This site is a short-term site (for me) and I?ll be selling it after 6-12 months. It?s sort of like a stepping stone to open up my second more long term site. I?ve got well over a hundred sites I could go with but this one is one of the least expensive and will profit the most in the shortest amount of time.
Estimated sellable value after 6 months: $30,000-$50,000 and up (I use several techniques to maximize the sellable value of my site.)
[Probably slightly higher appraisal value but selling for the appraised value isn?t
always an option.]
- Not enough time to name all the bonuses.
Profit
Anywhere from $35,000-$50,000 within 6-12 months after the public opening. That?s the LOW estimate and includes the total amount of profit made from the site after taxes and merchant fees, the total amount made from selling the site and all of the content, users, licenses, emails, steady traffic flow, marketing secrets, and lots of other things I use to increase the sellable value. Plus, another $4000-$6000 or so left in back-up and security money. Again, that is a LOW estimate based on the site doing poorly and not being very successful. If everything goes good then I could easily walk away with $75,000+ (Medium estimate). If everything goes great, I?ll walk away with $100,000 and up (High estimate). To benefit my credit the first thing I?ll be doing with the money is clicking the make payment button to pay the loan off.
I have 5 other successful webmasters vouching for me in the prosper community
My Credit
I don?t have bad credit, but I don?t have established credit yet either. You can be assured I won?t ruin my chance to build a perfect score and take this NC to a AA in no time.
My Website
To protect my idea and site I cannot reveal any business plans, marketing strategies, advertisement and promotion methods, the actual idea, who my targeted audience is, or anything else that could fall into the wrong hands.
Repayment & Income
Income would be about $1200-$1500 per month IF getting a job is necessary (It won?t be). Fortunately I pay out $0 per month with $0 in costs of living and can live at home for as long as I need to get my career launched so I?m in no hurry to get a job and will hopefully be self-employed for the rest of my career as a full time webmaster and business owner. I said above that I can pay this loan off in less than 24 months EVEN if I make $0 from my website. I can do this because of the following:
- I have no rent payment (Live at home with both of my real birth parents)
- I have no utility payments
- I have no car payment
- I have no car insurance payment
- I have no phone or cell phone payments.
- I have no food payments
- I have no purchase payments
- I have no other loan payments
- I have no credit card payments
- I have no insurance payments (Will be getting small business owners insurances)
- I have no internet payment
- I have no gas payment or cost of living
- I have no kids
- I have NO monthly payments. None. $0 per month.
- I have financial support from family in the event something unexpected happens.
- I have almost 4 years work experience and had a job at just 14 years old. I worked multiple positions at 3 different stores in 3 different cities with the same company, and voluntarily quit. I have the W2 forms for all 3 1\2 years with all 3 store locations plus references and numbers to each store location and manager if really needed. I was the highest paid employee in my age group!
Because I pay out $0 per month and can continue to pay out $0 per month for as long as needed (with proof), even if my site isn?t successful at all after 4-6 months, I can get a $1200-$1400 per month job and make $1200-$1400 payments on the $900 loan bill each month PLUS make a $10,000-$12,000+ payment on the loan using the money left over from the security money ($5000+), the total profit made during those 4-6 months, the total money from selling the site, and the extra $2000 available to me if needed from parents. However, I honestly don?t see how it would be possible to take that long (18 months) to pay it off or how it would be necessary for me to need to get a job to pay the loan off. I?m certain the loan will be paid off in less than 12 months from the profits of my site and less than 18-24 months even if it makes $0...and making $0 is physically impossible unless my site gets hacked everyday for 6 months in a row.
Security
1) $10,000 of the loan money will be set aside as security, expansion, and back up money. A portion of it will allow me to make the first 1-2 months loan payment during development and launch time, and another portion will be used to secure me so that I?ll still have enough money to make the loan payment for 2 to 5 months if my site doesn?t do as well as expected, giving me plenty of time to get a temporary job, reorganize, put back into the loan, anything that comes up. (I know I?m paying extra interest on the $10,000, but its well worth the security and I can afford it.)
2) If my site doesn?t do as well as expected and only makes around $5000 pure profit or less after 6 months (Very unlikely to make under $5000, but still possible.) I can still sell the site for whatever the value is at the time which would put the $5000-$6000 left in back-up money to about $8000-$9,000 (low estimate), plus another few thousand in profit from the site. So I?d have about $12,000-$14,000 or more. I?d put $10,000-$12,000 on the loan at that time, get a $1200-$1500 per month job, and have this loan paid off in 10-12 months after that since I can use all my income for the loan, furthering my ability to pay it off in less than 18-24 months EVEN if my site fails and I make $0.
3) Help from parents and family is always an option, and I will use it before I ever come close to having a late payment on my credit or taking longer than 18 months to pay this loan off.
Closing
The bank declined my first attempt at getting a business loan awhile back for obvious reasons, so my best chances at getting this start-up money seems to be and hopefully is Prosper. (Finding an investor or using loan companies for the amount I need with my credit is very, very difficult and probably close to impossible since this is my first big launch.)
Since I have exactly 0% debt-to-income with an optional income of $1200-$1500 per month, support from my parents if needed, AND a highly profitable site in my hands, I would of course be willing to pay a higher interest since I can afford the payment, but the highest I can give is 18% by law which is what I set it for...a big reason why I?m so worried I won?t get enough bidders to get my full requested amount (I need the full amount). I even made it so that no one can bid under 18 percent to prove that I?m not the least bit worried about paying it back! I?m not letting anyone outbid anyone else and making everyone accept the highest amount!!! Everything I know and love is depending on my success at getting this loan. I?d offer 25-27% for you if I could! I can afford it! I know it?s kind of low for my credit grade and the amount requested but I have no control over it. This is my perfect chance and getting this loan means everything in the world to me! If I fail here, it could be another 1-3 years before I?ll be able to get start-up money from the bank or a company. That?s a VERY, VERY long time to wait when you have such a passion for your work, especially after all the time and work I put into it already, and knowing how profitable and successful it will be!
I?d like to thank all the lenders in the prosper community who bid on my listing and God bless you for lending me an extra pair of hands to get my bag of success open. I am very grateful. If you have any questions about my listing, my site, me, requests for proof, additional information, or anything else, please message me and ask.
Sincerely & Respectfully,
Cory Duval
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Reasons to loan
1) I have full capability to pay the loan off in a quick amount of time with full proof and verification.
2) I have devised 3 security and back-up measures to prevent late payments
3) 5 other webmasters will be vouching for me to prove I'll be walking away with the absolute minimum of $30,000-$40,000 within 10-12 months including the profit made from selling the site [covered in my description.]
4) I'm a good friend to have if you own a business or website. Keep in mind, I?ll be getting over half a million unique targeted visitors within 6 months....
5) I'll be providing proof of everything above and anything additional you would like.
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If interested please PM me or contact me at cduval07@yahoo.com, preferably e-mail
<<<>>>, <<<>>>Posted By: prosperloan01 10/26/2006 12:07:00 AMUnless you're going to force these three lenders to offer you a below-market rate, there's no guarantee that you can get 3 and only 3 lenders bidding on your loan. I suspect that a listing for $25k with three bidders will rouse at least some interest, and at least a few lenders will chip in with lower-rate $50 bids. Is that going to screw up your plan?
Furthermore, why does it matter that you only have 3 lenders? Prosper handles all of the servicing and repayment of the loan, and you only make one monthly payment regardless of the number of lenders. So why do you care how many lenders you have? If anything, you want more, not less.
I'll be glad to answer those for you.
1) I'm setting my loan to fund as soon as possible, meaning as soon as it reaches fully funded it automatically ends bidding. I asked each of the 3 people who might be interested to contact me. That way they are the first 3 to bid on my listing, and the first 3 to actually see my listing. All within 5-10 minutes. No other bidders will get to it, and it will close automatically. Understand now? ;)
2) It matters because I'm a perfectionist and like to go above average. Plus, Cory Duval the actor, same name as me, played "Bid" in the movie "Scheme" (google.com "Cory Duval" for sources or goto www.coryduval.com)
3) Less is better. For me, and for the 3 lenders. Less bidders, more money for them, I feel more accomplished, and I reduced the amount of total bidders to a small amount
4) PM me for anything else.
I pretty much already found someone to fund my full loan now, so you all missed out. Sorry.
Listing goes up tomorrow or the next day, though I doubt anyone will have time to see it before my friend rolls in and bids the full amount.
I gave all of the lenders her a fair chance.
Thank you for opportunity though, it was a blast.
I was nervous as could be though, I admit.
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