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Claremont Funding

Company Summary

Claremont Funding is a new company that provides a high level of expertise.  We will provide superior personal service to buyers.  We take pride in knowing that 70% of our business comes from repeat clients and their referrals.

Our responsibility as mortgage professionals is to determine what a customer’s financial goals are, not just quote a rate. We have access to hundreds of loan programs, allowing us to arrange the most beneficial solution… whatever the buyer’s needs may be.

2.1 Company Ownership

The owners and brokers of Claremont Funding are Joan Billings and Maureen Shoe.

2.2 Start-up Summary

Our start-up costs are outlined in the following table. Start-up costs derive from website design, office equipment, main computer station complete with all mortgage information for broker usage, stationery, legal costs, furnishings, office advertising and services, and expenses associated with opening our office. The start-up costs are to be financed by direct owner investment and credit. Lease office space averages $1.10 – 1.60 per square foot to an approximate of $1,500 per month, plus utilities, for efficient leased office space. Commercial lease will be for a three to five year agreement with the first month and a security deposit equal to the monthly lease rate payable at the time of lease start date.

Start-up Expenses
Legal $900
Stationery etc. $2,000
Brochures $1,000
Advertising $2,500
Insurance $200
Rent $3,000
Answering Service $200
Utilities Start Up $250
Office Furnishings $4,000
Expensed Equipment $3,000
Business Software $2,000
Office Supplies $1,000
Total Start-up Expenses $20,050
Start-up Assets
Cash Required $39,950
Other Current Assets $20,000
Long-term Assets $0
Total Assets $59,950
Total Requirements $80,000
Start-up Funding
Start-up Expenses to Fund $20,050
Start-up Assets to Fund $59,950
Total Funding Required $80,000
Non-cash Assets from Start-up $20,000
Cash Requirements from Start-up $39,950
Additional Cash Raised $0
Cash Balance on Starting Date $39,950
Total Assets $59,950
Liabilities and Capital
Current Borrowing $0
Long-term Liabilities $30,000
Accounts Payable (Outstanding Bills) $10,000
Other Current Liabilities (interest-free) $0
Total Liabilities $40,000
Planned Investment
Investor 1 $20,000
Investor 2 $20,000
Additional Investment Requirement $0
Total Planned Investment $40,000
Loss at Start-up (Start-up Expenses) ($20,050)
Total Capital $19,950
Total Capital and Liabilities $59,950
Total Funding $80,000