Loan to expand business
| Listing Information | |||
|---|---|---|---|
| Amount: | $5,000.00 | Status: | Loan created |
| Grade: | C | DTI: | 14% |
| Lender Rate: | 15% | Borrower: | gmars |
| Finished | State: | FL | |
| Funded: | 100% | Group: | BORROWERS - Free instant Listings - LARGEST GROUP |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | 4+ months late | Origination Date: | 2007-05-24 | EricsCC ROI: | -53% |
| Status History | |
|---|---|
| May 23, 2007 | Current |
| Jun 10, 2008 | Late |
| Jun 28, 2008 | 1 month late |
| Jul 25, 2008 | 2 months late |
| Aug 26, 2008 | 3 months late |
| Sep 25, 2008 | 4+ months late |
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Purpose of loan: My wife and I are the owners of an Auto sales business,which we opened in December 2006.Since then the business has grown far more than we predicted,and we have outgrown our current location in 6 months. We have already leased a much bigger location,which we are predicting will generate lots of sales,because it is located on a very busy street. The purpose of this loan is to purchase a mobile office,becaues there is none currently at the new location.We have no problem in buying the office cash,but we would rather obtain a loan,so that our current funds can be used for other expenses (ie. auto repairs) My financial situation: My wife and I are also ine the delivery business,where we work from 3am-6am Our combined annual income is $65,000 ($35,000 and $30,000) Our auto sales business generates $5,000 monthly Monthly net income: $ 5400/+$5000 business Monthly expenses: $ Housing: $ 2424 2nd Mort. $707 Insurance: $ 150 Car expenses: $ Utilities: $ 300 Phone, cable, internet: $ 175 Food, entertainment: $ 400 Clothing, household expenses $200 Credit cards and other loans: $ 40 Other expenses: $ 200 Business Expenses Rent $665 Ins$250 Tel $35 Elect. $35 We will have no problem repaying this loan,because we exceeded our 1 year business plan in 6 months,and with our new location we will more than double our sales. Thank you for taking the time to review our loan request. |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 89651 | Increase my inventory | E | $10,000 @ 14% | Jan 27, 2007 | Withdrawn |
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