CAPITAL NEEDED TO EXPAND BUSINESS
| Listing Information | |||
|---|---|---|---|
| Amount: | $10,000.00 | Status: | Loan created |
| Grade: | B | DTI: | 29% |
| Lender Rate: | 13% | Borrower: | mortgagemitch |
| Finished | State: | IL | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2007-04-18 | EricsCC ROI: | 9% |
| Status History | |
|---|---|
| Apr 18, 2007 | Current |
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Personal Introduction: My name is Mitchell and I am currently a loan officer at Franklin Bank and I work in the St. Louis area. I've been employed in the mortgage industry since the end of the year in 2005 and I've found it to be both rewarding and demanding. I'm a graduate of Truman State University and I am involved with a number of organizations within my community. I take my credit and my income very seriously, I understand this loan is a big step in my professional development, but I see a place in the market where I can greatly expand my business and gain clients for the long-term not just customers. I encourage you to ask any questions you may have and I hope I can clear up most of the questions with this description albeit in the limited space. Executive Summary: My branch, with only 3 LO's, did $416,00 in revenue last year and we are ahead of that pace this year. I want to use the requested capital to purchase some equipment which will allow me to reach more customers and provide faster, more efficient service to those customers. I also want to start my own LLC in order to provide consulting services to clients seeking commercial lending help and to provide other services that my bank does not, such as credit clean-up. Mission: I have already registered my domain name and I will be using the money to finish my website and take it live ASAP. With my new LLC I will provide a complete real estate service to my clients which will use my network of realtors and appraisers along with my lending expertise and products to provide investors with the knowledge to get into the real estate business or greatly expand their already existing portfolios. I know I can see positive cash flow within 3 months and a return on my investment within the first year. Loan Purpose: I will be using the money in the following manner: $1000 - finish website development / $2000 - laptop and projector for demonstrations / $2000 - creating LLC and misc. legal work / $1500 - initial advertising expenses (seminar, flyers, cards) / $2500 - startup capital to avoid initial cash flow problems / $1000 - Misc. fees (prosper fee, etc.) |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 113938 | NEED CAPITAL TO START SIDE BUSINESS | B | $12,000 @ 15% | Mar 21, 2007 | Withdrawn |
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