Buying Furniture and Televisions for a Restaurant
| Listing Information |
| Amount: | $20,000.00 |
Status: | Loan created |
| Grade: | A |
DTI: | 21% |
| Lender Rate: | 14% |
Borrower: |
johncreardon
|
| Time Left: | Finished |
State: | TX |
| Funded: | 100% |
Group: |
(No Group) |
| Loan Information |
| Loan Status:
| Paid |
Origination Date:
| 2006-07-14 |
EricsCC ROI:
| 13% |
| Status History |
| Aug 30, 2006 |
Current |
| Dec 28, 2007 |
Payoff in progress |
| Jan 10, 2008 |
Paid |
I am about to purchase roughly $32k of furniture and televisions for a new restaurant/bar scheduled to open in 4 weeks. The business will be paying a $12k down payment and I will be using the loan for the remainder. I will hold a first lien on the equipment so if anything were to happen to the business, these assets would be sold to cover the loan. We have a 1200 person party scheduled for the 29th of July and I am trying to free up some cash to be used in preperation for this large party. We have a special events permit; however, staffing, fencing, extra inventory, etc. is getting quite costly. We have successfully raised $150k in equity and plan to pay our investors back in less than six months.
A note about my credit and borrowing habits... Ever since college, when I realized my goals in life, I have taken my borrowing habits very seriously. I plan to enter the commercial real estate arena as quickly as feasible, and in that field, credit is worth way more than cash. I have always had a "pay it back at all costs" mentality when it comes to borrowing. I can assure you that I do not plan to tarnish that record now and I will maintain my loan in good standing at all times. |
| Borrower's Other Listings |
| 297834 |
Buying Point of Sale System for new Restaurant |
C |
$20,000 @ 15% |
Apr 02, 2008 |
Expired |
| 345396 |
Starting a Leasing Company |
B |
$15,000 @ 16% |
Jun 05, 2008 |
Expired |
|
Discussion For This Listing
|
|
No Comments Found For This Listing
| Post A Comment
|
| You must be logged in to post comments on listings. Not yet a member? register here |
|
