New Family Business
| Listing Information | |||
|---|---|---|---|
| Amount: | $25,000.00 | Status: | Loan created |
| Grade: | AA | DTI: | 46% |
| Lender Rate: | 12% | Borrower: | cddrar27 |
| Finished | State: | MA | |
| Funded: | 100% | Group: | No Bull Investors - We Invest In Good Borrowers |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2007-06-07 | EricsCC ROI: | 9% |
| Status History | |
|---|---|
| Jun 09, 2007 | Current |
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Purpose of loan: To assist with the purchase of a new family business located in Massachusetts. It is for a exhisting restaurant in which myself, my fiance (who has 8+ years restaurant managment experience) and his mother. They are providing all of the money down for this exhisting business and this will be used to purchase the inventory and for working capital. This business has been in operation for 13 years and is extremely profitable. We have reviewed all the books and tax returns with our accountant. My financial situation: I have worked in the same industry for 11+ years and will continue to work my full time job during the week and working at the retaurant at night and on weekends. I can afford this loan payment off my income alone, my fiance also makes good money and once we acquire the restaurant will pay himself 50k/year plus he writes mortgages part time for straight commission. Monthly net income: $ 3400.00 Monthly expenses: $ Housing: $ 1250.00 Insurance: $ 100.00 Car expenses: $ 0 get free car with job Utilities: $ 100 Phone, cable, internet: $ 150 Food, entertainment: $ 300 Clothing, household expenses $ 100 Credit cards and other loans: $ 500 Other expenses: $ 0 |
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