Please Help Take My Business To The Next Level!
| Listing Information | |||
|---|---|---|---|
| Amount: | $25,000.00 | Status: | Loan created |
| Grade: | A | DTI: | 34% |
| Lender Rate: | 13% | Borrower: | mdasilva84 |
| Finished | State: | NY | |
| Funded: | 100% | Group: | GROUP CLOSED |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2007-05-29 | EricsCC ROI: | 9% |
| Status History | |
|---|---|
| May 26, 2007 | Current |
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Purpose of loan: My husband and I own a small but growing Computer Services Company. We have a very good situation where my husband and I both draw a generous salary separate from our business ($150K household). He has been active in lending and has 25 loans to date. Due to our situation we do not need our business to live on. Therefor, we have made a conscious decision to reinvest all the profits into growing our business. We just hired our third employee and we are signing a lease for a small store front in our local village this week. We have the largest Yellow Book ad for computer services in our county with a circulation of 505,000. We also have a weekly ad in 30 Pennysaver books across Long Island with a circulation of 345,000. Each quarter , our direct mailings target the 1000 + customers that my husband (or his employees) has serviced over the last 2 years with a 15% off your next visit coupon. . Although our business has been consistently grossing $10K -$12K a month we have yet to see any liquid cash due to our aggressive advertising plan that costs us $5000.00 a month. The rest of the money we have invested in hiring two top quality ?Field Techs? who represent the service and personal attention that is synonymous with ?Mike the Computer Guy? As of right now the business is completely self sufficient and pays all of its bills each and every month. We are presenting our financials based on our personal expenses so that our lenders will feel at ease about us repaying our loan if our business should ever be slow. My financial situation: We have never been late on a payment. In fact we tend to pay off early. The only reason we are carrying any debt at all is becasue we just bought a house 18 months ago and put over $40K into it. I have already paid off 2 cars and $30K in school loans. Monthly net income: $9000 (includes my husbands salary but no revenue from the business). Monthly expenses: $7331 Mortgage $3831, Electric $150, Gas (heat) $50, Cable / Phone / Internet $150, Car 1 $400, Car 2 Own, Roth IRA $100, 403B $400, Car Insurance $150, Credit Cards $1200, Gas $300, Food $400, Entertainment $200 We have started at the highest rate allowed by NY. Thank You for your consideration. |
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