Need cash to pay tax bill
| Listing Information | |||
|---|---|---|---|
| Amount: | $20,000.00 | Status: | Loan created |
| Grade: | B | DTI: | 20% |
| Lender Rate: | 19% | Borrower: | not2shabby |
| Finished | State: | CA | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2008-04-04 | EricsCC ROI: | 17% |
| Status History | |
|---|---|
| Apr 03, 2008 | Current |
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This loan will be used to pay an unexpectedly high income tax bill. My need for the cash is very simple - I am faced with an income tax bill that has just caught me by surprise. I wasn't expecting to owe so much -- then I was also surprised to find out that the IRS was not especially interested in allowing me to make payments. They did give me an extension - but the time is up. I can repay this loan easily - I am just don't have enough liquid cash at the moment to make the full payment as the IRS is requesting because I recently bought a vacation home and right before that, a commercial building for my business. The unfortunate timing is also keeping me from accessing existing equity in those properties to help with the tax bill. I am a business owner with a successful professional services business that has enjoyed 17 years of prosperity. And we have established a very stable niche specialty which has insulated us from the normal pressures of the economy. My monthly net income: $28,000 (combination of salary, draw, rental incomes). Many traditional expenses are covered by my company - auto loan payments, health insurance, auto insurance. I do have a 1st and 2nd mortgage on my home. And a 1st and 2nd mortgage on my vacation home. But all together, these mortgages only amount to about $9,500 per month. My credit is good - no bankruptcy, or major delinquencies. I'm not coming up as A credit mostly due to the recent property acquisitions that have skewed my ratios - the credit agencies don't see all of my monthly income for some reason. But if you've ever been self employed then you know what I mean - although I have large income, and good payment history - my rating is less than perfect. NOTE: the large revolving credit amount indicated in my profile is a bit misleading - you see my business has revolving credit accounts in my name which of course they service, I also have credit accounts personally, and then I also have an adjustable rate line of credit that is part of that figure also. I hope I've given you adequate background and explanation of my need and current financial situation. I appreciate your consideration of my circumstances and my request for this loan. I have 100% confidence in my ability to repay this loan as contracted. |
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