Temporary Cash Flow Issue
| Listing Information |
| Amount: | $4,000.00 |
Status: | Loan created |
| Grade: | B |
DTI: | 27% |
| Lender Rate: | 12% |
Borrower: |
nygirl42
|
| Time Left: | Finished |
State: | NY |
| Funded: | 100% |
Group: |
1 Manhattan Angel Fund
|
| Loan Information |
| Loan Status:
| Current |
Origination Date:
| 2006-08-18 |
EricsCC ROI:
| 7% |
| Status History |
| Aug 18, 2006 |
Current |
|
I am a partner in a small real estate development company www.marlbororealty.com. I have been in the real estate development business for 13 years. Two years ago I left the comfort of an established firm to start a new company with a long time business associate. After 18 month of hard work we finally closed on our first project in Reno, Nevada. It is a 142 townhome project (www.falconridgereno) and construction is underway. See the attached photos. In May we were very fortunate to have obtained a variance on the site which will allow us to save over $1.5 Million in construction costs. The downside of that variance is we need to resubmit drawings to the County for final permitting. This delay has caused a temporary halt to our funding and therefore to my monthly income. I am looking for a loan to help me pay my mortgage and household expenses through the end of September when funding is expected to begin again. This delay IS temporary and we WILL be back on track within six weeks. In addition to the Reno project we have several others in the pipeline that are due to fund before years end. With a lot of hard work and a little luck my cash flow worries will be a thing of the past.I am a professional, responsible person. In my 42 years I have never defaulted on any loan or credit card. My debt is currently high due to the 18 months of business startup but I continue to make timely payments to my creditors. The loan I am now asking for will allow me to continue to do so. I thank you for your consideration. |
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