Bridging to new consultant income
| Listing Information | |||
|---|---|---|---|
| Amount: | $5,000.00 | Status: | Loan created |
| Grade: | B | DTI: | 15% |
| Lender Rate: | 24% | Borrower: | geoster |
| Finished | State: | WA | |
| Funded: | 100% | Group: | Business Owners Cooperative |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2008-04-17 | EricsCC ROI: | 22% |
| Status History | |
|---|---|
| Apr 17, 2008 | Current |
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Thank you for reading my listing! So I've had great things happening in my life! The best one is that I have landed a contract at Microsoft! The only drawback is that as a vendor they pay net-60 which means that I don't see my first check for 2 months after billing them (which happens at the end of the first month. I do have some money coming from another contract, but that comes once a month and is not enough to cover all of my bills. What I need is a loan to cover my personal expenses until the Microsoft contract begins paying. Basically, I need help paying my April and May bills. Here are my current expenses: Monthly Expenses: $1530 Mortgage $900 HELOC $300 Auto Loan $110 Utilities $100 Insurance $300 Credit Debt $50 Student Loan $250 Gas $300 Food $3840 Total My expected income over the next 2 months: April 30: ~$2230 May 31: ~$2230 Mid May: $600 (from tax rebate) So I need roughly $7500 to get to the check and I have $5000 coming. So really I only need $2500 BUT the timing of bills versus the receipt of the cash makes it so that I actually won't get the May $2230 until AFTER I need it. Hence the request for $5000. After that time my cash flow from all contracts more than exceeds my bills INCLUDING paying back this loan. End of June I will get the first invoice paid at $7695. July's contracts are worth $20,000. So my good fortune is your good fortune. You help me get through this dip and I pay you interest for the terms of the loan. Win-Win. Please let me know if you have any questions. Thank you for your consideration! Geoff |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 56859 | Design is Art: Functional Art Company Launch | E | $7,500 @ 20% | Nov 03, 2006 | Withdrawn |
| 56924 | Design is Art: Functional Art Company Launch | E | $7,500 @ 20% | Nov 04, 2006 | Expired |
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