Need a little cashflow due to slow paying customer
| Listing Information | |||
|---|---|---|---|
| Amount: | $5,000.00 | Status: | Loan created |
| Grade: | C | DTI: | 23% |
| Lender Rate: | 28% | Borrower: | wieltech1 |
| Finished | State: | NC | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2008-08-07 | EricsCC ROI: | 26% |
| Status History | |
|---|---|
| Aug 07, 2008 | Current |
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Purpose of loan: We have a commercial electrical contracting firm that has 10 full time field employees, 1 full time estimator and 1 full time project manager. We are in no way effected from the housing slump, because we do strictly commercial/industrial work and have a large backlog of projects under contract that are in process or are soon to begin. The reason we decided to try this service is because we are doing a 60 tenant shopping center and the General Contractor is falling behind on the payment schedule ( what is normally paid within 30 days is being stretched to 60 and 90). Normally this wouldn't be an issue but we have a few projects that are starting simultaniously and we need a little extra cashflow to assure that we can continue to move forward with payroll and misc expenses. Plus we really just want to see how beneficial and easy person to person lending can be as opose to conventional financing. Also, all the projects we have comming up are state or city funded and have a strict payment schedule so any worries about our future income should be nill. If you need any more info about the strength of the company or any other issue as to our ability to repay please do not hesitate to ask. Thank you and I personally promise this is a sure thing. My financial situation: I am a good candidate for this loan because as I said before we have alot of work under contract and invoice enough each month to directly pay off any kind of financing we would require. We usually invoice anywhere between $30,000 and $55,000 monthly. I heard about this site from a friend and even though we could go to our bank, I like the idea of person to person lending and want to test the water out and eventually get more involved once we clear this short term issue. the 2 small issues on my credit are mistakes that will be cleared soon. If you would like we can have full disclosure and it will show that I have 40 or so accounts that have been open and paid over the last 15 years with not one late payment. Monthly net income: $ Just my personal salary is $6250 Monthly expenses: $ Housing: $ 1000 Insurance: $ 90 Car expenses: $ paid for Utilities: $ 200 Phone, cable, internet: $ 250 Food, entertainment: $ 300 Clothing, household expenses $ 200 Credit cards and other loans: $ 700 Other expenses: $ My DTI may be a little high because when we first started out I purchased the first 2 trucks with my personal credit. But as you will see both are close to being paid off with not 1 late payment. |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 363816 | Need a little cashflow due to a Developers issues | C | $7,000 @ 22% | Jul 15, 2008 | Expired |
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