Loan Default Letter Outline
Date: September 3, 2050
To Whom It May Concern,
I am writing to formally request a loan from your esteemed financial institution. After careful consideration and thorough planning, I have determined that additional funding is required to expand my business operations. Below, you will find the details of my request, the planned repayment strategy, and the collateral I am prepared to offer.
I am seeking a loan amount of $150,000. This funding will be allocated towards the expansion of our production facility, upgrading equipment, and increasing our workforce. With these improvements, we anticipate a 30% increase in annual revenue, enabling us to serve our growing customer base more effectively.
The proposed repayment plan is outlined as follows:
1. Loan Term: 5 years
2. Interest Rate: Fixed at 5% per annum
3. Monthly Installments: $2,832
4. Total Repayment Amount: $169,920
We are confident that our increased revenue will comfortably cover the monthly repayments, ensuring timely and consistent payments throughout the loan term.
To secure the loan, I am willing to offer the following collateral:
1. Property: Commercial building valued at $200,000
2. Equipment: Current machinery with an approximate value of $50,000
These assets have been appraised and can be used to guarantee the loan, assuring your institution of our commitment and reducing the risk involved.
We are dedicated to expanding our business while maintaining financial responsibility. I would appreciate the opportunity to discuss this request further and am available to provide any additional information required. Thank you for considering our application.
Sincerely,
[Your Name]
[Your Company Name]
[Your Email]
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