Eric's Credit Community

My background
I work as an engineer with over 10+ years of experience. I went back to school in 2004 and completed my MBA. It had always been a goal and I felt it would be valuable knowledge as a business owner. I am buying my home and have been living here for over 4 years. I have full health benefits from my job and am in very good health. I do not I go to the gym 3-4 times a week to stay in shape and keep stress levels down. I mostly eat at home so that I get healthy meals and to keep cost down. I do not live alone and the bills are fully shared; maximizing both our saving potential.

Purpose of loan:
I am in the process of purchasing a Tropical Smoothie Franchise. I am applying for a Small Business Loan to fund the purchase. The loan is SBA backed. In order to be approved for the loan, I have to have 30% of the total project cost in cash. My total project cost is $220,000. I have to have approximately $70,000 in cash. I currently have $50,000. I own some unimproved land (it is paid in full) that I have attempted to get a secured loan on; it is very difficult to obtain loans on land.

Franchise Background:
Rankings in Entrepreneur magazine 2003-2007

Franchise 500® rank:
#127 (2007); #200 (2006); #139 (2005); #192 (2004);

Fastest-Growing Franchises:
#78 (2007);

America's Top Global Franchises:
#112 (2007); #153 (2006); #109 (2005); #131 (2004);

My financial situation:
I have a pretty good credit rating and I make sure I pay my bills on time every month. I do not have a lot of debt. I have been working hard to close accounts. I just have my mortgage, vehicle and credit cards. My credit card balances aren't high and I am paying those down (~ $7k @ very good interest rates 7.99-11.9%). I currently have a rental property that helps supplement my income. I receive $850 monthly and the mortgage on the rental with expenses is $645. I live with someone who shares the living expenses.

Monthly net income: $ 1022
My monthly net income after taxes and mortgage payments and income from renters and bills

Monthly expenses: $
Housing: $ 1341
Insurance: $ 200
Car expenses: $ 641
Utilities: $ 200
Phone, cable, internet: $ 83
Food, entertainment: $ 100
Clothing, household expenses $ 100
Credit cards and other loans (rental mortgage): $ 635
Other expenses: $