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This mortgage calculator can be used to figure out monthly payments of a home mortgage loan, based on the home's sale price, the term of the loan desired, buyer's down payment percentage, and the loan's interest rate. This calculator factors in PMI (Private Mortgage Insurance) for loans where less than 20% is put as a down payment. Also taken into consideration are the town property taxes, and their effect on the total monthly mortgage payment.
Worried about how to apply for a business loan? Although it may
seem like a daunting task at first, it can be made less so by
careful preparation. When applying for a business loan, you must
prepare a written loan proposal. Make your best presentation in
the initial business loan proposal and application; you may not
get a second opportunity.
Always begin your proposal with a covering letter. Clearly and
briefly explain who you are, your business background, nature of
your business, the amount and purpose of your loan request, your
requested terms of repayment, how the funds will benefit your
business, and how you will repay the business loan. Keep this
cover page simple and direct.
When writing your proposal, don't assume the reader is familiar
with your industry or your individual business. Always include
industry-specific details so your reader can understand how your
particular business is run and what industry trends affect it.
Provide a written description of your business, including the
following information:
Type of organization
Date of information
Location
Product or service
Brief history
Proposed Future Operation
Competition
Customers
Suppliers
Management Experience:
Resumes of each owner and key management members.
Loan Repayment:
Provide a brief written statement indicating how the loan will
be repaid, including repayment sources and time requirements.
Cash-flow schedules, budgets, and other appropriate information
should support this statement.
Existing Business:
Provide financial statements for at least the last three years,
plus a current dated statement (no older than 90 days) including
balance sheets, profit & loss statements, and a reconciliation
of net worth. Aging of accounts payable and accounts receivables
should be included.
Proposed Business:
Provide a pro-forma balance sheet reflecting sources and uses of
both equity and borrowed funds.
Projections:
Provide a projection of future operations for at least one year
or until positive cash flow can be shown. Include earnings,
expenses, and reasoning for these estimates. The projections
should be in profit & loss format. Explain assumptions used if
different from trend or industry standards and support your
projected figures with clear, documented explanations.
Collateral:
Provide a list assets to be held as collateral. Few financial
institutions will provide non-collateral based business loans.
All business loans should have at least two identifiable sources
of repayment. The first source is ordinarily cash flow generated
from profitable operations of the business. The second source is
usually collateral pledged to secure the business loan.
Depending on your particular circumstance you may need to
provide one or more of the following documents:
Lease, Franchise Agreement, Purchase Agreement, Letters of
Intent, Articles of Incorporation, Plans, Copies of Licenses,
Letters of Reference, Contracts or Partnership Agreement.
You may freely reprint this article provided the author's
biography remains intact:
About the author:
John Mussi is the founder of Direct Online Loans who help UK
homeowners find the best available loans via the www.directonlineloans.
co.uk website.