Buy Sixth Computer Service Franchise
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|Funded:||100%||Group:||Computer & IT Professionals|
|Loan Status:||Default||Origination Date:||2007-03-27||EricsCC ROI:||-29%|
|Mar 27, 2007||Current|
|Aug 12, 2008||Late|
|Aug 28, 2008||1 month late|
|Sep 28, 2008||2 months late|
|Oct 28, 2008||3 months late|
|Nov 28, 2008||4+ months late|
|Dec 29, 2008||Default|
I am the owner of five computer service franchises known as 1 800 905 GEEK. The national franchisor company currently operates in 25 states and continues to expand. I opened my first franchise in January 2004, and have steadily grown to my current five territories. Now in my fourth year of business, I plan to use the funding from Prosper.com to purchase a sixth
1 800 905 GEEK franchise.
The monthly loan payment to Prosper.com will come from the profits generated by the new business. My company has been profitable since the sixth quarter, and I have not seen a change in market conditions that would cause me to believe this will change. Our target market is small business, home office, and residential with each franchise generating approximately $125,000 annually.
I look forward to the opportunity to expand my computer service company. For the past three years I have appropriately used funding from various sources to create a loyal repeat customer base, and will continue to do so with the funding from Prosper.com. The $25,000 requested will serve as the down payment towards the total franchise cost of $50,000.
In addition to my computer service business, I continue to work full-time as a Network Engineer, which I have done for ten years, and receive a $90,000 salary. I am able to work elsewhere, because my wife helps run the business full-time from our home office. This arrangement allows us to reinvest the profits back into 1 800 905 GEEK. I also have two houses, with the second one serving as rental property. The mortgages are my only true ?personal? debt, as other loans that may appear on my personal credit report are actually business lines of credit.
The attached pictures are two of the eight PT Cruisers that my technicians use in the business.
|Borrower's Other Listings|
|351450||Pay Business Credit Card For 6 Computer Franchises||C||$8,000 @ 16%||Jun 16, 2008||Expired|