Supporting a Growing Business
| Listing Information | |||
|---|---|---|---|
| Amount: | $25,000.00 | Status: | Loan created |
| Grade: | AA | DTI: | 29% |
| Lender Rate: | 16% | Borrower: | homeworker |
| Finished | State: | MO | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2008-03-20 | EricsCC ROI: | 14% |
| Status History | |
|---|---|
| Mar 20, 2008 | Current |
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Purpose of loan: Compass Group is the Holding company for a growing business, HomeWorks. This loan will be used to fund A/P and showroom improvements at HomeWorks. HomeWorks is a home remodeling company based in St. Louis that, through a history of acquisitions, offers broad services to over 5,000 middle to upper-middle class homeowners. In a fractured industry of small players, the consolidation at HomeWorks provides the scale to bring experienced management, professional services, technology infrastructure, and sophisticated marketing to outpace the competition in awareness and efficiency. Furthermore, HomeWorks standard operating procedures and how we do business sets us apart from the competition. To learn more about the company, please visit www.homeworks-stl.com Recent economic trends have fewer new home sales and more homeowners opting to stay put and remodel their existing home. HomeWorks is poised to capitalize on that situation. With middle to upper-middle class clients, most are relatively unaffected by the sub-prime mortgage crisis and still have plenty of equity to draw on for remodeling projects. In this industry it?s not what you do, but how you do it that sets us apart. There are many sources to delivery home improvement services from the single guy in a pick-up truck to the mass market retailers. However, HomeWorks brings the quality and professionalism that you cannot find in those other channels. While the typical Standards have tarnished the industry reputation, it is just that reputation that helps differentiate HomeWorks from the competition. As a result, our customers say things like: "I just wanted to take a moment to let you know how great it was working with Robert from HomeWorks. He was really friendly, and easy to work with during the time when the movers were in the house. He also fixed the 2nd floor tub diverter on the spot, and didn't charge me for it! I realized I was supposed to supply a doorbell for the repair, but they did this on their own. I'm really impressed not only by Robert's professionalism, but with his flexibility in understanding my hectic travel/work/personal life right now and the change in requested repairs. HomeWorks eased my mind, and responded to all of my requests, and left the place clean!" My financial situation: I've built multiple business and grown them successfully. HomeWorks is approaching $4 million in revenue. But, as you know, a growing business needs cash. I've invested all I can including the home equity, 401(k) funds, credit cards, and all my savings. We are on the cusp of getting over the hump and need funds to help support the growing operations. I've got good credit and make my payments on time. But, banks want profits and collateral, I've tapped them out. Your faith in me would be appreciated. Direct connections are welcome too. |
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