Relist - working capital for new self-employment.
| Listing Information | |||
|---|---|---|---|
| Amount: | $2,551.00 | Status: | Loan created |
| Grade: | HR | DTI: | 2% |
| Lender Rate: | 28% | Borrower: | mmnpsd |
| Finished | State: | CA | |
| Funded: | 100% | Group: | Rock Solid Venture Capital |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | 2 months late | Origination Date: | 2007-06-07 | EricsCC ROI: | -38% |
| Status History | |
|---|---|
| Jun 09, 2007 | Current |
| Sep 23, 2008 | Late |
| Oct 08, 2008 | 1 month late |
| Nov 08, 2008 | 2 months late |
|
Note: Loan amount based on California minimum requirement to offer the 29% rate. Credit history: According to my most recent Experian report, my score is just above 650. My history is limited in duration, but overall positive - no late payments. 5 total credit lines, including parent loan for students for the last twelve months, an installment loan with approximately $340 balance, and 3 small-limit credit cards. How I will repay this loan: I have income greater than expenses and low DTI. My current challenge is lack of a cash reserve such that I have to delay or defer certain projects or work which involves travel or other higher than usual overhead costs, and/or I have to incur additional expenses, for example, not always paying cc's in full within grace period, monthly instead of semi-annual insurance, etc. This loan will allow me to reduce or avoid certain expenses (bank charges, cc finance charges, payoff of small installment loan, reduced expenses by half-year or annual prepayments, etc.) to cover more than half of the monthly loan payment. The remainder will be covered by my surplus income over expenses, and expected growth in income as I bring in new clients and take on additional consulting work. Purpose of loan: This loan will be used for initial working capital and cash flow, as I have a payment cycle which is typically 45-75 days. (i.e. work performed in March is billed the first few days of April, and paid anywhere from 15-30 days after invoice). Purposes will be to establish an additional cash-flow/receivables buffer, to have funds available for advance travel and business expenses, and approximately one-half of loan proceeds to be used for miscellaneous organizational expenses, and office/computer equipment enhancements and additions, and cost reduction by expense prepayments. (i.e. annual or semi-annual instead of monthly) My financial situation: I was out of the workforce over a year due to a work injury, and have returned to the workforce via self-employment starting March, 2007 to better accommodate that injury/partial disability. The year of lost work ate up my savings, but I have been successful in obtaining new paying clients, and have three different ongoing clients, with multiple billable projects each. I am also marketing services to other prospective clients. My field is financial analysis and project planning in the energy industry, with a focus on independent electric and thermal energy generation projects, both by large energy users (self-generation) and third parties (independent power producers). Monthly net income:$4150- ~7000 (varies, includes billable expenses and allowance for estimated taxes) These numbers represent March and April 2007 actuals, and scheduled May 2007 billings. At my billing rates, this is about 40-65 % of available billable time. May billings will exceed $6,500.00, with similar level of work scheduled for June and July so far. I expect to have ongoing work for two different projects for at least the next 18 months. Monthly expenses: Housing: $675 Insurance: $600 (includes life and medical) Car expenses: $200 Utilities: $125 Phone, cable, internet: $200 (includes business use) Food, entertainment: $650 Clothing, household expenses $250 Credit cards and other loans: $100 Other expenses: Educational/child $ 800* Business 100-1200** * Includes child educational expenses for my son in elementary school and help for my daughter in college. ** Business expenses vary from printing to travel costs, but are all billable, thus will be billed and payment received. |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 138202 | Working capital for new self-employment | HR | $9,000 @ 22% | May 15, 2007 | Withdrawn |
| 139038 | Initial working capital/receivables for new self-employment | HR | $9,000 @ 26% | May 17, 2007 | Withdrawn |
| 140655 | Startup/working capital for new self-employment | HR | $4,500 @ 26% | May 21, 2007 | Withdrawn |
| 141510 | Startup/cashflow for self-employment return to workforce. | HR | $4,500 @ 28% | May 22, 2007 | Withdrawn |
|
Discussion For This Listing
|
||
|---|---|---|
|
No Comments Found For This Listing
|