Business Expansion
| Listing Information | |||
|---|---|---|---|
| Amount: | $18,000.00 | Status: | Loan created |
| Grade: | C | DTI: | 47% |
| Lender Rate: | 16% | Borrower: | airforceretired |
| Finished | State: | CA | |
| Funded: | 100% | Group: | Super Clean Credit |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Default | Origination Date: | 2007-09-04 | EricsCC ROI: | -54% |
| Status History | |
|---|---|
| Sep 01, 2007 | Current |
| Mar 20, 2008 | Late |
| Apr 05, 2008 | 1 month late |
| May 06, 2008 | 2 months late |
| Jun 10, 2008 | 3 months late |
| Jul 09, 2008 | 4+ months late |
| Aug 26, 2008 | Default |
|
Purpose of loan: We started Pacific Imports, Inc. in 1999 and we have grown into a large retail imports operation grossing over $2.5 million per year. Now we are also getting orders for wholesale containers from other companies in the United States. These wholesale orders are a very welcome new part of the business but presents a short term cash flow problem. We pay our suppliers up front for the containers but we only take a deposit for the containers until they land in port with customs. If we use our operating funds to pay a full container in advance for a customer then it puts us in a short cash position. The funds requested here will be used to pay our supplier for the container, thereby freeing our regular cash flow. A 20 foot container of Antique furniture from our supplier averages $14,000 so this funding covers 100% of 1 container and a deposit on another leaving container making our cash flow situation very easy to handle. So you can learn more about our operations and products our company websites are as follows: Main company site with all products: http://www.pacificimports.com Chinese Antiques website: http://www.chineseantiqueimports.com Rattan Furniture: http://www.rattanplanet.com Asian Furniture (in production) http://www.asianfurniture-direct.com My financial situation: -Retired US Air Force monthly pay of $1380.00 -As president of the corporation salary is $6600.00 not including bonuses. -My wife is the Secretary and earns a salary of $6600 not including bonuses. -We have been in business since 1999 and started from the ground floor. -Funded a large portion in the beginning with credit cards and never quite able to unload them. We are in the process of working an SBA loan with a local bank to consolidate and eliminate these old cards. -Good relations, current payback history with our suppliers. -Free of liens or any encumbrances (personal and business). Monthly net income: $6995.00 Monthly expenses: $5630.00 Housing: $4250.00 Insurance: $200.00 Car expenses: $265 (daughters vehicle - all other vehicles paid by business) Utilities: $345 Phone, cable, internet: $150.00 Food, entertainment: $280.00 Clothing, household expenses $140.00 Credit cards and other loans: $0 (credit cards used for business only) |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 187223 | Business Expansion | C | $25,000 @ 17% | Aug 14, 2007 | Withdrawn |
| 188358 | Business Expansion | C | $25,000 @ 20% | Aug 16, 2007 | Withdrawn |
| 188360 | Business Expansion | C | $25,000 @ 20% | Aug 16, 2007 | Withdrawn |
| 188669 | Business Expansion | C | $25,000 @ 28% | Aug 17, 2007 | Withdrawn |
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