The total funds that we anticipate that we will need to get Real Estate Funding Solutions going are $66,435. Of this about 75% or $50,000 will come in the form of contribution from owners Jose and Dianna. The remaining 25% we will be raising in the form of a term loan from a community bank in the amount of $16,435.The community bank is well known to both Jose and Diana who have had banking relationships with the bank for many years. They have been assured by bankmanagers that a loan for the amount in question should not be a problem once a formal business plan is submitted along with the bank loan application.
We understand that the personal assets of both Jose and Diana will probably have to be put up as collateral for the community bank term loan and that is ok with both theowners whose personal financial statements show that they have plenty of assets to provide for as collateral including ample equity in both their primaryresidences.
In the event this loan is not able to come through for us, the owners plan to contribute the remaining $16,435 from their own savings in the form on additionalequity investments into the business. In the event they have to contribute further capital into the business, it has been agreed by Jose and Diana that theircontribution will be prorated in the same proportion as their equity interests in the company - 60% by Jose and 40% by Diana.
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