Capital Needed for Business Growth - Cashfunders Endorsed
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|Funded:||100%||Group:||Cashfunders For Individuals|
|Loan Status:||Paid||Origination Date:||2007-10-23||EricsCC ROI:||13%|
|Oct 21, 2007||Current|
|Nov 06, 2008||Payoff in progress|
|Nov 13, 2008||Paid|
About Responsive Property Maintenance, LLC.
Throughout several years with my previous employer I noticed maintenance contractors failing to meet the needs of the self-storage industry. With commitment from superiors and urging by the construction department I left my job determined to meet the unique needs of this under served market. Responsive Property Maintenance, LLC. provides facility maintenance services to the Self-Storage and Mini-Warehousing industries.
Purpose of loan
Funds from this loan will be used for the following capital investments: a truck, tools, snow removal and lawn care equipment. Operating expenses will be funded by contributed capital and funds from operations. Since return on assets will be higher than the interest rate I intend to carry this loan full term.
My financial situation
I have $5000 in consumer debt ($100 monthly). My only other debt obligation is the mortgage to my first home which is now a rental property. I own my vehicle.
I subcontract work from a local auctioneer for $75-200 and receive net rental income of $195 per month. I have taken a part-time job flexible enough to not conflict with the business. This job brings in an additional $800 per month.
Household income provides an additional $3700 monthly and covers all living expenses. To learn more about me please review my profile description.
Monthly net income: $1100 DTI: 9%
I am able to capitalize on relevant experience and existing relationships to facilitate operations. My previous employer has already contracted snow removal services at three of its facilities. Responsive Property Maintenance, LLC. will operate at a profit by January 2008 and post net assets by the end of winter. The target market is expanding rapidly both locally and nationally. There are no large established competitors.
I will contribute $4000 of my own money and equipment plus I have additional cash reserves of $4000 I can contribute if needed to smooth out any hiccups without the use of additional borrowing.
By focusing on the core services of lawn care, building repair, and snow removal I expect Responsive Property Maintenance, LLC. to expand its service area throughout southern Ohio within four years.
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