Expanding Techology Service Provider
| Listing Information | |||
|---|---|---|---|
| Amount: | $15,000.00 | Status: | Loan created |
| Grade: | B | DTI: | 9% |
| Lender Rate: | 19% | Borrower: | T9echman |
| Finished | State: | CT | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Default | Origination Date: | 2008-09-11 | EricsCC ROI: | -32% |
| Status History | |
|---|---|
| Sep 11, 2008 | Current |
| Nov 14, 2009 | 1 month late |
| Dec 12, 2009 | 2 months late |
| Jan 12, 2010 | 3 months late |
| Feb 13, 2010 | 4+ months late |
| Feb 14, 2010 | Default |
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Purpose of loan: This loan will be used to expand my Business Technology Managed Service Provider www.madriversystems.com My financial situation: I am a good candidate for this loan because I am an experienced technical specialist whom also has previously built multi-million dollar a year businesses from scratch. My business model is recurring revenue based rather than break/fix support which provides higher margins, client loyalty, and deep channel sales potential. I would specifically use this money to fund a full time outside salesperson for 3 months to get that person established. I expect that a full time outside salesperson will generate $40,000 in revenue a month with a gross profit of 40% per month. Monthly net income: $ 8700 Monthly expenses: $ Housing: $ 2700 Insurance: $ 100 Car expenses: $ Utilities: $ 400 Phone, cable, internet: $ Food, entertainment: $ 200 Clothing, household expenses $ Credit cards and other loans: $ 100 Other expenses: $ |
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