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 | |
| Requirements | |
| 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 |
| Assets | |
| 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 | |
| Liabilities | |
| Current Borrowing | $0 |
| Long-term Liabilities | $30,000 |
| Accounts Payable (Outstanding Bills) | $10,000 |
| Other Current Liabilities (interest-free) | $0 |
| Total Liabilities | $40,000 |
| Capital | |
| 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 |
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