Camera Equipment Purchase
| Listing Information |
| Amount: | $25,000.00 |
Status: | Loan created |
| Grade: | E |
DTI: | 11% |
| Lender Rate: | 24% |
Borrower: |
Cinematographer
|
| Time Left: | Finished |
State: | CA |
| Funded: | 100% |
Group: |
(No Group) |
| Loan Information |
| Loan Status:
| Default |
Origination Date:
| 2007-03-23 |
EricsCC ROI:
| -31% |
| Status History |
| Mar 22, 2007 |
Current |
| Sep 07, 2008 |
Late |
| Sep 24, 2008 |
1 month late |
| Oct 24, 2008 |
2 months late |
| Nov 24, 2008 |
3 months late |
| Dec 24, 2008 |
4+ months late |
| Dec 29, 2008 |
Default |
|
I have been a professional Cinematographer for 17 years. The majority of my work is as a 2nd Unit Director of Photography and/or "B" Camera Operator. The purpose of this listing is to secure gap financing for the purchase of an ARRIFLEX 235 CAMERA PACKAGE. The total cost of this equipment package (follow focus, viewfinder, magazines, camera body, lenses, video assist, etc.) will be 95 -100K depending on the final accessories included. The balance of the purchase price will be funded from the liquidation of my stock portfolio and a substantial monetary gift from a family member. As I have progressed as a Cameraman, I have found myself working with increasingly expensive film equipment that I need to rent myself or is procured directly by the project. This is additional money I could be making if I had more equipment of my own. I currently own a variety of hardware that I am able to rent to productions when appropriate. I find myself needing further equipment if I want to bill more $$$ to any given production (labor, equipment and kit rental). The daily rental rate on this package will be $1200 ? $1500 dependent on camera configuration. There is no negative information on my credit report. My Fico score and Prosper rating are lower than they would normally be (usually low 700?s) due to my futile loan applications in the last year to secure more traditional financing for this purchase. I am also showing a high percentage of revolving credit on my reports even though my accounts are currently paid in full. Due to the nature of my work, I typically max out then pay off my revolving credit lines 3 to 5 times per year. Therefore, I constantly show a high debt ratio on my credit reports. I intend to keep this gear for 5 years max then sell or trade towards new equipment as I have done previously. The conservative estimate to recoup this investment is well within the first 2-years of camera rental. My current cash flow will easily allow repayment of this loan. If you have any questions, please feel free to send me a message. Thank you for your consideration. |
| Borrower's Other Listings |
| 101967 |
Camera Equipment Purchase |
E |
$25,000 @ 29% |
Feb 20, 2007 |
Withdrawn |
| 230275 |
2nd Loan - Additional Camera Equipment |
HR |
$3,000 @ 27% |
Nov 11, 2007 |
Withdrawn |
| 230378 |
2nd Loan - Additional Camera Equipment |
HR |
$3,000 @ 30% |
Nov 12, 2007 |
Withdrawn |
| 240404 |
2nd Loan - Additional Camera Equipment |
HR |
$4,000 @ 30% |
Nov 29, 2007 |
Withdrawn |
| 247537 |
2nd Loan - Additional Camera Equipment |
HR |
$3,500 @ 35% |
Dec 09, 2007 |
Loan created |
|
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