| Haytham, Neal handed you the personal financial forms to fill out for the new Bank to tell you guys if they will give you more than a 75,000 line of credit. I've attached those same forms here and filled out your address and the financial information below that is on Neal's personal financial forms too. The numbers for the Firm (ie the value of your partnership 50%) should be the same on both forms. 50% value of the Firm - $950,000 (this should be about right - $760,000 annual revenue x 2.5 value = 1,900,000 divided by 2 to get each partner's value today.) The loans you are liable for from Capital One are the 1. Term Loan (Jun 2010, for 90K at 6.5% interest secured, $2,763 a month payment for 3 years). Current balance as of 10/29/2011 is $41,828 2. Line of Credit (Sep 2009, for 75K at 3.75% interest, payable at a percentage Net plus 30, unsecured no docs). Current balance is $29,000. Please fill out the attached and send it back as soon as you can. I'm submitting the documents tomorrow to the banker. It will take 2 weeks to get through underwriting for them to present you with a banking solution and offering of service to the Law Firm. We are trying to get this set up soonest so we can be operational on 1 Jan with the PLLC. Thks, Marcy |
Attachment:
Burke-Herbert-PersFinApplication-HF.pdf
Description: Adobe PDF document
Marcelyn Atwood Marketing The Law Firm of Puckett & Faraj, PC 1800 Diagonal Road, Suite 210 Alexandria, VA 22314 703-706-9566 ; FAX 202-318-7652 ; marcy@puckettfaraj.com Please View our Website: www.puckettfaraj.com and follow us on Twitter: http://twitter.com/puckettfaraj The information contained in this electronic message is confidential, and is intended for the use of the individual or entity named above. If you are not the intended recipient of this message, you are hereby notified that any use, distribution, copying of disclosure of this communication is strictly prohibited. If you received this communication in error, please notify Puckett & Faraj, P.C. at 703-706-9566 or via a return the e-mail to sender. You are required to purge this E-mail immediately without reading or making any copy or distribution. |