Small Business Purchase
| Listing Information | |||
|---|---|---|---|
| Amount: | $25,000.00 | Status: | Loan created |
| Grade: | B | DTI: | 47% |
| Lender Rate: | 18% | Borrower: | InvestDetroit |
| Finished | State: | MI | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2007-11-21 | EricsCC ROI: | 14% |
| Status History | |
|---|---|
| Nov 23, 2007 | Current |
|
Purpose of loan: Recently sold a bar restaurant I created, now I have the opportunity to buy another establishment. My situation: I recently completed the sale of a small business that I created. Now I have an opportunity to purchase an existing business that is in the same category - Tavern/Restaurant. The establishment is in the same neighborhood as the one I just sold so I am very familiar with the area. I was approached by the current owners to take it over, they know I was successful with my venture. It is a Brewery with a restaurant tavern. The owners want to focus on making beer so they have offered the restaurant business to me. I need 10k as a deposit and the other funds are for working capital. I could do it with credit but the interest rates are much higher. I would rather pay the interest to Prosper lenders. Estimated time to pay back loan is 12 months. |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 203887 | Real Estate Backed Consolidation | B | $25,000 @ 10% | Sep 19, 2007 | Expired |
| 212566 | Reduce Business Debt | B | $5,000 @ 11% | Oct 08, 2007 | Expired |
| 223886 | Small Business Purchase | B | $25,000 @ 15% | Oct 31, 2007 | Expired |
| 393070 | Small Business Purchase | C | $9,000 @ 20% | Sep 04, 2008 | Expired |
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