Starting a New Business
| Listing Information | |||
|---|---|---|---|
| Amount: | $16,000.00 | Status: | Loan created |
| Grade: | AA | DTI: | 32% |
| Lender Rate: | 10% | Borrower: | AWeber |
| Finished | State: | IL | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2007-09-11 | EricsCC ROI: | 8% |
| Status History | |
|---|---|
| Sep 10, 2007 | Current |
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Purpose of loan: My wife, Lynn, and I are building a new business. We are half way to completing the groundwork for it. It is a wholesale/import business that will focus on independent retailers. My financial situation: We built a similar businss in 2005. Spring of 2007 we sold it for $54,000.. We self financed the sale of the company. The agreement was 1/2 down and the balance of the note would be paid annually over a 2 year period. We hold the $27,000. note as additional assets. After we completed the sale it was evident that the business had potential for other buyers in non-competing cities. We decided to pursue the plan of building another non-competing company. It would have a different name, different branding program but same concept. Unfortunately the money we needed to build a new business was wrapped up in the note. We used part of the money from the sale to begin but are short the funds to push it over the finish line. We took about $7000. for living expenses. It adds about $1000. a month to our income. On our home mortgage, we loaned $23,000. to one of our children using the equity in the house. He sends $300. a month repayment.It is reflected in the "Monthly income" amount. Monthly net income: 2100. Monthly expenses: $1470. Housing: $ 700 Insurance: $55. Car expenses: $ 160 Utilities: $ 130. Phone, cable, internet: $ 75 Food, entertainment: $300 Clothing, household expenses $ Credit cards and other loans: $ 50 Other expenses: $ |
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