Loan Request for Residential loan in Kasson, MN, 55944

Request #3712034 by Lender

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Date Posted

2/1/2025 1:46:03 PM

Property at

Kasson, MN, 55944, USA Show Map

Borrower at

Property Type

Residential

Property Value

$430,000

Amount of Existing Loans

$317,000

Loan Request

$100,000

LTV

23.26 %

Credit Rating

660-679

Net Worth

$150,000 - $250,000

Loan Purpose

Refinance all

Purpose

My husband will be completing a $50,000.00+ trade in/ private sale (existing offer). With these funds I will be paying off a remaining balance/loan of $22000.00 that is currently tied to the truck as a title loan, which will eliminate a $430/ mo payment.

He also intends to use another, approximately $13,000.00 of these funds, to pay off a current credit/debt repair program, which will eliminate an additional $450/mo payment.

The only "personal" loan he will have left on his file would be a $295.00/mo payment ($8,100.00 remains)

Approx. $64000.00 will be needed for the remaining balance due for the new business (HD 2500-3500) truck.

The trailer package is commonly offered at $25,000.00 + tax
(1 additional bin needed @ $5800.00 + tax)

We have a significant value of personal property- assets, valued at approx $430k & $275k with an additional $20k+ in personal assets (vehicle/ UTV/enclosed trailer* that will be used mainly for work/specialty services.

My spouse has poor credit (approx 550-575) with some derogatory marks as it was required for him to stop making payments on multiple loans, in order to join the program. This program was something he did after his new employer
(owners) pulled all overtime & bonus' & was losing over $2000 per month.

This business is projected to (@ minimum) have an average of over $235k per year in total sales(before taxes & overhead) between Jan 2026-Dec 2026. With a projected overhead of approx $54k per year. There is also an interested partner wanting to merge, this would multiply sales by approximately x1.5 at minimum, while no additional overhead would be necessary, as the partner would continue be liable for all of their own overhead.

My husband has over 3 months into business planning & financials for this company that he started on January 2nd, 2025.

I also have two other interested, lifelong peers/ carpentry contractors that would

He has over 12 years in the electrical industry, with the last prior 5+ years focusing in the project management/supervisor & estimating roles with a yearly department revenue of over $3M per year ; including oversite of 16 electricians, 2 of which were operating out of a sister location.

It was simply sold to a corporate company, that has now terminated &/or pushed out approximately 12 of our 16 employees, including my proir supervisor, that had started that department over 19 years ago.

Life has not been kind to him these prior 6 months & its time for him to take back control & utilize this time to start this business that has been a seed/ idea of his for over 10 years

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Loan Request for Residential loan in Kasson, MN, 55944