Historic preservation to include coffee cafe and bakery
| Listing Information | |||
|---|---|---|---|
| Amount: | $23,000.00 | Status: | Loan created |
| Grade: | AA | DTI: | 29% |
| Lender Rate: | 10% | Borrower: | blueccb |
| Finished | State: | IA | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2007-12-11 | EricsCC ROI: | 8% |
| Status History | |
|---|---|
| Dec 11, 2007 | Current |
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Purpose of loan:I purchased an old building on main street of my town and for starting renovation costs, I took out a loan on the equity of my current home to begin to pay workers to begin demolition, an architect for the floor layouts and a contractor put together estimates for labor and materials to turn the upstairs into an apartment and the first floor into a business. There was extensive gutting on both floors because of the poor roof conditions and to bring the building up to code. In November 2006, a new metal roof was installed and in February 2007, most of the custom historical windows were installed.I would like to open a coffee cafe and bakery and I can obtain a commercial loan for the commercial kitchen: refrigeration and freezer units, convection oven, cappuccino and coffee machine as well as initial food purchases and basic inventory (associated with opening a coffee shop/deli/bakery) but I cannot find bank financing that will finish the renovations on the first floor.Once I obtain funding for the opening of the cafe, I can obtain additional funds and grants through the city to complete the restoration. I have a business plan that is available for your review - just ask! My financial situation: I am a good canidate for this loan because once the renovations are completed inside the building, my children and I can move into the second floor loft and I will be able to sell my house. Once my house sells, it will emininate a large mortgage which will eventually go back and pay off Prosper. I have many people in town looking forward to my cafe opening and I am looking forward to running it. Monthly net income: $ 3,600 Monthly expenses: $ 2,730.00 Housing: $ 950.00 Insurance: $ in above figure Car expenses: $ 400.00 - gas and insurance only Utilities: $ 300.00 Phone, cable, internet: $ 80.00 Food, entertainment: $ 400.00 Clothing, household expenses $ 100.00 Credit cards and other loans: $ 400.00 Other expenses: $ 100.00 |
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