This applicant needs a small business loan for a 3-way partnership he wants to engage in Fort Worth, Tx. This small moving company business model requires start-up capital of over $450,000 dollars – they would likely need half a million ($500,000) to really make a go of it and get their business successfully off the ground.

The business model is very focused – they will be providing residential moving services between 3 cities only; Houston, Fort Worth, and Dallas. They believe there is enough of a market in these 3 major cities of Tx to make a sound profit. Our loan applicant needs to come up with at least $150,000 if he wants to join in the partnership.

They need the loan for some base headquarters real estate, and they need to buy 3 moving trucks. They also need to buy their business insurance and advertising on top of all their other start-up expenses. This includes business cards, cell phones, Gps systems, engine parts, a repair shop, and a few offices to do business from.

After this loan application is presented, we will get into the actual numbers of the loan. We may include a table with their predicted expenses they will be faced with in the very near future.

Loan Product :: Business Loan :: Location Fort Worth, Tx

Why do you need a loan? - I have a business opportunity in Texas. I have been offered a partnership in a small moving business that serves Forth Worth, Dallas, and Houston Texas. I need between $150,000 and $200,000 dollars for my share of the company. This gives me 1/3 shares in the business all together.

If for Business, tell us a little about your business - I have over 20 years experience driving long-haul rigs from New York to California (coast to coast) and I will managing all logistics and drivers for the moving company. The small business that me and my partners are buying currently runs 12 moving trucks and serves the Fort Worth, Dallas, and Houston areas exclusively. We would be branching out to moving clients (families) into all areas of Texas – North, South, East, and West. This is what I need the loan for. Me and my two business partners have worked together for a moving company at one time, and we all work well together encompassing all of our talents.

How Much Do You Want To Borrow? – Between $150K – $200K

Length of Employment - Over 2 Years

Time at Address - Between 3 – 5 Years

Age - Over 40

Extra Info Here – anything else that would help us get your loan approved - I have a poor credit rating so this would have to be a loan with bad credit. I’m willing to pay the extra interest on the loan, as long as I can get approved so I can make a profit with the new company.

Sex – Male

Marital Status - Single

Ever Claimed Bankrupcty? - No

What Country is Your Primary Address - United States

What State and City/Town is your primary address in? :: Fort Worth, TX

Have you checked your credit report? - Yes

Would you consider your credit rating to be? - Poor

Collateral? - Yes

Down Payment? - No

If down payment, how much?- I don’t have a down payment, but I have a Kenworth truck I can use for security on the business loan if you approve me. I own the semi outright so it is a solid form of collateral.

Do you a have co-signer or co-borrower? - No

Employment Industry, Title, Experience, Background- Manager of logistics at Briar Trucking limited (Fort Worth) for 7 years. Truck driver for 13 years moving freight between Dallas and New Jersey, to the Florida Keys, and then back.

Particulars of Business Loan Application :: Fixed Rate

Principal Loan: $150,000
Interest (APR): 8%
Length of Term: 5 years
Payment Schedule: Monthly

Calculation of Start-Up Capital Financing – Comparing Different Interest Rates

For this business loan we’re using a fixed rate scenario, and we’re going to calculate this financing with 3 different interest rates – 8%, 9%, and 10%. The monthly payments don’t change much, but the overall interest on the note changes dramatically. See below;

All Schedules for 5 Yrs.	At 8% APR	At 9% APR	At 10% APR
Total Amount to be paid	$180,494.28	$184,306.06	$ 188,117.85
Total amount of interest	$30,494.28	$ 34,306.06	$38,117.85
Payments	$2,967.03	$3,029.69	$3,092.35

You can see by the table above that the applicant (debtor) will paying close to $8000 dollars more in interest if his APR had a 2 percentile difference on the note. However, IF his moving business succeeded, and his partners will organized and frugal (and they all got alone well which is critical), our client’s loan payments (around $3,000 per mo.) would be affordable.

However, if for some reason the moving business did not manage to procure solid business clientele within the first 2 months of operation, our borrower could find himself in default, and starting the process of damaging his credit rating.

Partnerships are always risky, and they almost never seem to pan out in time. You are better off going it alone in business.

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