Working capital for business that I just opened
| Listing Information | |||
|---|---|---|---|
| Amount: | $15,000.00 | Status: | Loan created |
| Grade: | E | DTI: | 17% |
| Lender Rate: | 27% | Borrower: | VictoriaH |
| Finished | State: | CA | |
| Funded: | 100% | Group: | FINANCE & INVESTMENTS |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | 4+ months late | Origination Date: | 2007-06-12 | EricsCC ROI: | -22% |
| Status History | |
|---|---|
| Jun 12, 2007 | Current |
| Aug 28, 2007 | Late |
| Sep 06, 2007 | Current |
| Sep 27, 2007 | Late |
| Oct 14, 2007 | 1 month late |
| Nov 13, 2007 | 2 months late |
| Dec 13, 2007 | 3 months late |
| Jan 13, 2008 | 4+ months late |
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Purpose of loan: In October of 2006, my sister and I purchased a REMAX commercial franchise in Orange County, California. At that time we both had perfect credit and over $80,000 in the bank. We signed a lease in a beautiful building (see photo) and started applying for business credit. We had planned on using 80% of the business financing to start up the company. But, all we were able to get were a few small business credit cards and the clock to open our office was ticking. We have ended up using our personal credit cards and most of our savings accounts on getting the office open and up and running. We just opened our doors May 1, 2007 - but I need working capital to pay down the credit card debt and to float us until we can close a few commercial deals. My financial situation: My credit is actually perfect, no late payments of any kind. Just maxed out credit cards due to the business expenses. My credit scores will go up as soon as I pay off some of this business expenses.A similiar franchise to ours in a nearby city, closed over $200 million in sales last year. I have the news release. Monthly net income: $13,500 - I still have a mortgage company that I am running on the side to pay personal expenses. Monthly expenses: $ Housing: $ 5000.00 House is listed for sale. Insurance: $200 Car expenses: $ 578 Utilities: $ 75 Phone, cable, internet: $ 79 Food, entertainment: $ 300 Clothing, household expenses $ 150 Credit cards and other loans: $ 400 Other expenses: $ 0 |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 143132 | Start up business capital | E | $25,000 @ 18% | May 26, 2007 | Withdrawn |
| 143351 | Working capital for business that I just opened | E | $25,000 @ 27% | May 27, 2007 | Expired |
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