Investing in the Future
| Listing Information | |||
|---|---|---|---|
| Amount: | $25,000.00 | Status: | Loan created |
| Grade: | AA | DTI: | 33% |
| Lender Rate: | 12% | Borrower: | Gophermd |
| Finished | State: | MN | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2008-07-24 | EricsCC ROI: | 11% |
| Status History | |
|---|---|
| Jul 23, 2008 | Current |
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Purpose of loan: This loan will be used to build inventory for a new product line of spiral pipe to our family's existing company that did 2.1 million dollars in 2007 and is currently ahead of projected sales this year. The family company has been fabricating square ductwork since 1990 and would like to branch into another area of HVAC. We have just recently purchased the spiral line and will be using the extra capital to build inventory of spiral ductwork. My financial situation: I am a good candidate for this loan because, I am currently a second year resident physician and am looking to sign within the next couple of months. After signing, I will be receiving a monthly stipend of $1000. My husband and I were recently married in May 2008. We own two houses, one is completely paid for and is currently being rented out; the other house is a duplex, in which we live in one half and the other half is rented out for more than half of the mortgage payment. I never carry a balance on my credit cards, but after getting married, I was offered no interest for four months. Therefore, I am allowing the money I will use to pay of the credit cards to accrue interest in my WAMU bank account until the end of the four months. Monthly Income: Job: $3300 Rent: $1400 Stipend (to come soon): $1000 Total: $5700 Monthly Expenses: Mortgage: $1000 Car Insurance: $70 Gas: $400 Food: $400 Utilities: $300 Entertainment: $100 School Loans: $320 Total: $2590 Net Balance: $3110 The family business will be paying off the loan, but if it cannot meet its obligations, I can pay it off. |
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