Working Capital ? Consolidation
| Listing Information | |||
|---|---|---|---|
| Amount: | $12,500.00 | Status: | Loan created |
| Grade: | D | DTI: | 17% |
| Lender Rate: | 17% | Borrower: | Lucent |
| Finished | State: | TX | |
| Funded: | 100% | Group: | Texas Excellence |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2006-08-28 | EricsCC ROI: | 11% |
| Status History | |
|---|---|
| Aug 28, 2006 | Current |
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I am seeking a small bridge loan to help offset business expenses for the remainder of 2006 and also incremental funds to assist in the opening of a second retail location we plan to open January 1, 2007. The funds will be utilized for basic working capital ? office rent, utilities, etc., and build out of the new office. I have financed the company?s startup costs and ongoing business operations with personal credit. The high personal debt load due to this expense is the main contributing factor to my current credit rating. This bridge loan will allow us to grow without further use of personal credit cards. The business was founded in 2002 and was cash flow positive from the start. We offer retail tax preparation services for low to mid income customers in a protected territory covering over 600 square miles. The county is growing extremely fast. Each year since opening we have grown our client base, gross, and net income. Since our first year the companies Net Income has grown over 1,100%. We are now planning our second location and growth potential continues to be very positive. With the opening of a 2nd location next season we expect to exceed $250,000 in gross sales while maintaining profit margins over 40%. Our challenge has always been the off-season, May through December. In those months we essentially have zero cash flow. I am willing to accept a higher interest rate to ensure I have sufficient operating funds for the remainder of the summer. My intent is to pay off this loan in February 2007 as we once again enter our highest grossing months during the tax season. Feel free to email me if you have any questions or concerns. Terry |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 15586 | Reduction ? Consolidation - Growth | C | $12,000 @ 16% | May 24, 2006 | Withdrawn |
| 317544 | Working Capital ? Consolidation | C | $15,000 @ 17% | Apr 27, 2008 | Withdrawn |
| 372549 | Business New Equipment Purchase & Operating Funds | C | $7,000 @ 17% | Jul 25, 2008 | Expired |
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