Business Expansion
| Listing Information | |||
|---|---|---|---|
| Amount: | $6,500.00 | Status: | Loan created |
| Grade: | B | DTI: | 0% |
| Lender Rate: | 15% | Borrower: | idelk |
| Finished | State: | GA | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2008-08-15 | EricsCC ROI: | 13% |
| Status History | |
|---|---|
| Aug 15, 2008 | Current |
|
Purpose of loan: This loan will be used to expand my business I jointly own with my father in Tennessee to Georgia (Atlanta area). I will use the loan to secure a prime location for business operations and to do contracting work to the property as well as for contracting fees for a foreclosed home for my family. The commercial property I am seeking will cost me $7,500.00 for a down payment and another $3,500.00 for contracting purposes; the property will be in my name for now since I am starting a new corporation for the Georgia expansion for tax purposes (starting a NV corporation). The $6,500.00 I am requesting is going towards the $7,500.00 needed for the commercial property's down payment. **My father is responsible for providing the equipment for the new business, which is very expensive, and I am responsible for securing the commercial property for business operations.** My financial situation: I am a good candidate for this loan because I jointly own a well-established business that has been in service for over 30 years. The business has a gross profit around $350,000.00 yearly. Currently, I am earning around $2,225.00 every other week (my father receives a majority of the income) and I don't have much debt besides for student loans. I would have a higher credit score rating if it wasn't for a pending credit report dispute that lowered my score significantly. I am a reliable candidate because I have a steady income and few bills outside of my family's expenses. Monthly net income: $4,500.00 Monthly expenses: $2,700.00 Housing: $0.00 Insurance: $500.00 Car expenses: $300.00 Utilities: $300.00 Phone, cable, internet: $250.00 Food, entertainment: $350.00 Clothing, household expenses $400.00 Credit cards and other loans: $400.00 Other expenses: $200.00 |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 375781 | Expanding family business to Georgia from Tennessee | B | $17,500 @ 30% | Jul 31, 2008 | Withdrawn |
| 376164 | Business Growth | B | $20,000 @ 30% | Jul 31, 2008 | Withdrawn |
| 378289 | Business Expansion & Contracting Fees | B | $12,500 @ 29% | Aug 05, 2008 | Withdrawn |
|
Discussion For This Listing
|
||
|---|---|---|
|
No Comments Found For This Listing
|