Re-List: Growing Lighting business; quick turnaround!
| Listing Information | |||
|---|---|---|---|
| Amount: | $10,000.00 | Status: | Loan created |
| Grade: | B | DTI: | 26% |
| Lender Rate: | 14% | Borrower: | soconfan77 |
| Finished | State: | FL | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2007-10-15 | EricsCC ROI: | 11% |
| Status History | |
|---|---|
| Oct 14, 2007 | Current |
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Purpose of loan: I am looking to expand my lighting business by growing into holiday lighting. I am also looking to pay off $7,000.00 worth of inventory debt. My financial situation: I will make considerably more this year than I can prove with W2's and recent payment history. My wife has been working with me in our business since its inception, and she recently left our company to begin a job in medical sales, so I will be taking her salary and receiving her payouts. I started doing holiday lighting last Christmas, and was able to install a little over $12K worth of product by only investing a little over $3K worth of capital, including some marketing costs and a large distributor fee. This year, I have no distribution fee for my product provider and have already booked projects to be completed in November. As of 9/25, I have already written around $18K worth of new business, plus will have close to $2K of repeat business, and we are not in full season yet. I live in a tourism driven area, and there is a great need for companies who install holiday products, but very few suppliers. My goal is to be able to pay back all or most of this loan before January of '08. I plan on using $3K of this loan for marketing and the addition of tools and equipment. I also have about $7K worth of inventory debt that I need to repay. When my wife went back to work this summer, I intentionally took a step back from the lighting business to stay home with our kids, but had already placed orders for inventory that had not yet moved. I have resolved our childcare situation and am now working full time again, but need to pay off the inventory debt. With my wife now working full time, I am responsible for paying our mortgage, utilities, and my personal credit cards. She pays for all of our other expenses, which saves me about $1500 a month. In addition, she is providing our medical insurance now, saving me an additional $400 a month. The costs represented in my DTI do not reflect this additional income. Monthly net income: $ 5500 Monthly expenses: $ Housing: $ 2700 Insurance: $ 150 Car expenses: $ 0 Utilities: $ 375 Phone, cable, internet: $ 165 Food, entertainment: $ 200 Clothing, household expenses $ 100 Credit cards and other loans: $ 950 Other expenses: $ |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 200278 | Growing Business; debt consolidation | B | $20,000 @ 16% | Sep 12, 2007 | Withdrawn |
| 203945 | Growing Lighting Business, Debt Consolidation | B | $20,000 @ 16% | Sep 20, 2007 | Withdrawn |
| 206715 | Re-List: Growing Lighting business; quick turnaround! | B | $15,000 @ 16% | Sep 25, 2007 | Withdrawn |
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