Great Investment in Successful Business
| Listing Information | |||
|---|---|---|---|
| Amount: | $20,000.00 | Status: | Loan created |
| Grade: | C | DTI: | 30% |
| Lender Rate: | 19% | Borrower: | mcgoo104 |
| Finished | State: | AL | |
| Funded: | 100% | Group: | AAAA Fund America |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2007-03-06 | EricsCC ROI: | 14% |
| Status History | |
|---|---|
| Mar 07, 2007 | Current |
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PURPOSE: Secure short term business loan BUSINESS: The McGoogan Agency, a personal and commercial lines insurance agency in Mobile, Alabama. FOUNDED: November, 2003 CURRENT POLICIES IN FORCE: 1,141 LOAN REQUEST AMOUNT: $20,000 TERM OF LOAN: 36 months @ 20% REPAYMENT METHOD: Electronic Funds Transfer from business checking account SECURITY: Agency contract value currently of $61,536 (grows monthly proportionately to policy growth) WEBSITE: www.farmersagent.com/tmcgoogan PARTICULARS: My name is Thomas McGoogan. I own a personal and commercial lines insurance agency in Mobile, AL. We have grown to over 1,100 policies in force since opening in November of 2003 and continue to have growth of 40 to 60 policies per month. I project 1,600 policies in force by the end of calendar year 2007. Our commission performance since opening is as follows: 2003 $354 2004 $52,977.89 2005 $98,045.30 2006 $162,734.00 PROJECTED 2007 $235,000.00 I employ two Customer Service Representatives, both licensed in Life and Property & Casualty, and one full time receptionist. Since opening I have invested heavily on the marketing side in billboards, yellow pages, radio and TV advertising, marketing giveaways, newspaper and print ads, etc. This has generated growth and debt. Approximately $13,000 of this loan will be used to pay off all outstanding business debt. The remainder will be used fund new marketing initiatives and increase staffing. My agency also creates ?book value? or ?contract value?. This cash represents the future earnings of my policies. Think of it as equity. This money must be paid to me in the event that I close my agency for any reason. The ?contract value? grows proportionally to the growth my agency?s policies. Currently my contract value is $61,536 and will be in excess of $90,000 by the end of 2007. I will secure this loan with my contract value. I am requesting a loan of $20,000 @ 20% for 3 years to be paid back through electronic transfer of funds on the 3rd business day of each month. Please visit my website at www.farmersagent.com/tmcgoogan . Thank You. Thomas McGoogan Education: BS in Business Management Business Experience: Over 20 years experience in corporate management. Please see my profile for more details. |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 99655 | Investment in Successful Business | C | $20,000 @ 17% | Feb 14, 2007 | Withdrawn |
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