Buying Linen for Rental Contracts
| Listing Information | |||
|---|---|---|---|
| Amount: | $20,000.00 | Status: | Loan created |
| Grade: | A | DTI: | 20% |
| Lender Rate: | 14% | Borrower: | gelglc |
| Finished | State: | FL | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2008-08-25 | EricsCC ROI: | 13% |
| Status History | |
|---|---|
| Aug 24, 2008 | Current |
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Purpose of loan: I am a partner with my son with a ten year old company that provides linen rental service to accounts such as country/golf clubs, private clubs, small medical clinics, and unique private restaurants. All accounts are secured by three year contracts with the customer. The average account is a $50,000 per year sales and requires approximately $20,000 worth of linen to start the account. I am looking for anyone who is interested in providing a loan for linen for one of these accounts and I will only execute a loan when I can provide a signed three year contract. Normally the terms of repayment are tied to the term of the contract which is three years but I am willing to consider an accelerated term of 18 to 24 months. My financial situation: I am a good candicate for this loan because each loan is tied to increasing the revenue of the linen rental company. The loan will only be executed when we have a signed three contract with a customer. Also we have been doing this for ten years and my son has more than 20 years experience in the linen rental industry. |
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