Opening New Wine Bar/Restaurant & Retail Store
| Listing Information | |||
|---|---|---|---|
| Amount: | $15,000.00 | Status: | Loan created |
| Grade: | AA | DTI: | 23% |
| Lender Rate: | 10% | Borrower: | wine_guy |
| Finished | State: | TX | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2007-12-26 | EricsCC ROI: | 9% |
| Status History | |
|---|---|
| Dec 24, 2007 | Current |
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Purpose of loan: To help purchase wine inventory for our soon-to-be-open wine bar/restaurant and wine retail shop. Currently, most of our assets are tied up in the build-out costs, and we do not get our TI (tenant improvement allowance) from the landlord until we have been open two months. We will keep 6 months operating expenses in a liquid account, so this plus the TI we get back will get us there. We plan to open with 250 labels and 3000 bottles, and our average retail price will be $30 a bottle. We are located downtown in a major city in a new retail building, We are on track for an early 2008 opening. See the pictures above for our construction progress. My financial situation: I am still working as an engineer and will continue until the business can support both my wife and me. My wife is getting this business up and running as her full-time job. We both have excellent credit and have owned two houses--we sold our last house to get the equity out to start this business. We are both certified Sommeliers and have extensive experience and contacts in the business. Expenses: Monthly net income: $5,900 Monthly expenses Housing: $ 1850 Insurance: $ 110 Car loans: $ 0 Utilities: $ 150 Phone, cable, internet: $ 80 Food, entertainment: $ 500 Clothing, household expenses $ 100 Credit cards and other loans: $ 250 (student loan) Other expenses: $ 0 |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 248428 | Opening New Wine Bar/Restaurant & Retail Store | AA | $25,000 @ 12% | Dec 10, 2007 | Withdrawn |
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