RE-ListBusiness Expansion Funding
| Listing Information | |||
|---|---|---|---|
| Amount: | $20,000.00 | Status: | Loan created |
| Grade: | AA | DTI: | 0% |
| Lender Rate: | 18% | Borrower: | jeremyfreem |
| Finished | State: | AR | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2008-08-18 | EricsCC ROI: | 17% |
| Status History | |
|---|---|
| Aug 15, 2008 | Current |
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Purpose of loan: I am re-listing due to good advice from a lender to give more information about myself and the nature of how the funds will be used. I reduced the loan amount because I realized that I needed to make some more sacrifices so I liquidated some assets. (extra truck, and Race car) I am 24 years old and own a successful Mobile Auto Body business. (www.profinishworks.com) We specialize in light body damage of cars & trucks. Offering a convenient cost effective alternative to body shops. Being knowledgeable about the automotive industry and how much money dealerships invest in a vehicles appearance gives me a major advantage to realize higher profit gains from expanding into the auto dealership business. The average Independent dealership has a profit of $1500 profit per unit(vehicle) sold after all the repairs & maintenance have been done. Using my other business branch to do all the repairs in-house increases my profits per vehicle sold. Or decreasing the total sale value giving customers a better deal thus, selling more cars at a better price. The loan will be used to purchase inventory (cars, trucks). Fixing the cosmetic flaws and reselling them for a profit. I am already a used car dealer, Licensed insured and bonded. this loan will just be used for getting inventory at Dealer only auctions. My financial situation: I have a strong financially with my AA credit score I have never made a late payment, and never will. I would still be able to repay the loan at my given income even if I fail to make adequate profits from the dealership. Gross Monthly Income: $7000-$9000 average Personal: Mortgage $815 utilities: $125 (water) (electric) TV, internet: $90 health ins.: $80 Auto Ins.: $100 entertainment etc: $450 Total: $1660 Business: Business Insurance: $120 Work Vehicle: $210 Vehicle Ins.:$95 Fuel: $400 Supplies: $750 misc: $125 Total: $1700 Monthly operating/living Expenses: $3360 As you can see I put quite a bit aside for Taxes, rainy days, and Savings. I am an outstanding candidate for a loan. Short Term Expansion goals: Very conservative goal of selling 3-5 Units/month Generating an additional $3000-$5000 in monthly revenue 6 Month Goals: Get a Larger more visible location, increase sales to 10 units/month. |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 376537 | Business Expansion Funding | AA | $25,000 @ 21% | Aug 01, 2008 | Withdrawn |
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