Newly Acquired Space Needs Attention
| Listing Information | |||
|---|---|---|---|
| Amount: | $8,000.00 | Status: | Loan created |
| Grade: | B | DTI: | 47% |
| Lender Rate: | 12% | Borrower: | Successful_Daddy |
| Finished | State: | CA | |
| Funded: | 100% | Group: | Innovative Venture Capital |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2007-03-21 | EricsCC ROI: | 8% |
| Status History | |
|---|---|
| Mar 22, 2007 | Current |
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LOAN PURPOSE: Remodel newly acquired space. WHO ARE WE: My wife and I, along with our three children, own a very successful Cafe in the Sierra foothills in Northern California. We are just 1 hour from Sacramento and from Lake Tahoe. We?ve lived in this historic community for over 10 years, and have become respected business owners and reliable tenants. I am 48 years old, and very excited about the upcoming business expansion we?re taking on. We homeschool our children, and have both sides of our family close by. We are well rooted in our community and plan on many years of building a legacy for our children. OUR REMODEL PLANS: We currently have a 46 indoor and 48 outdoor seating capacity at our restaurant. During the warm weather months we are extremely busy and make most of our income during those times. It?s when the weather turns colder or wet that we loose half of our income producing potential. Basically we loose the outdoor fountain patio seating. So our expansion plans are to move into the space that is available next door that will increase our indoor seating. The new space will increase our capacity for inside seating to 72, which is sufficient to assure a decent income during the winter months. We are able to reduce operating costs (employee and food costs) the most during the slower season. Our clientele is approximately 70 to 75% the local workforce, and most of them eat at least two times a week at our place. We attract the movers and shakers for power lunches, and it is the place to be seen for the locals. The new space is just for seating, so the costs to convert the space will be minimal in comparison to typical restaurant expansion costs. FINANCIAL SUMMARY: Our average monthly income is $33,000.00 per month and expenses average $30,200.00 per month. We need about $1,000.00 per month out of the business to make our families monthly obligations. I have some computer (database) programming contracts that provide almost all of our families monthly expenses. With the new Proper.com loan our monthly would be about $284.00 ($8,000.00 at 16.5% for 3 years). This fits well within our ability to make the monthly payments. We need a larger cash amount because the expansion costs will occur all within a 30 day period of time. Plus with the added space our income potential increases without adding additional operational expenses other that the increased leased space amount, which will be 425 square feet. We will be able to eliminate much of the ?waiting list? from our lunch hour to accommodate all our guests. SUMMARY: Name: Courtyard Cafe Location: ?Gold Country?, historic Main Street in Placerville, CA Loan Amount: $8,000.00 Purpose: Remodel newly acquired space |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 105084 | Cafe Expansion | B | $18,000 @ 14% | Mar 01, 2007 | Expired |
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