Eric's Credit Community

• My home was recently appraised at $750,000 and I owe $416,000 on it. (Equity of $334,000)
• My mortgage payment is $2200.
• My yearly salary is over $80,000 from my position as a police officer
• My salary alone covers the payments required by Prosper, without including any income from either restaurant
• I have no vehicle payments, no children, never married, no liens, no monies owed (outside of normal credit card stuff).
• I am co-owner of a successful Mediterranean Restaurant and Martini Bar located in Downtown Portland, Oregon.   
• The current restaurant is paid for and we do not owe any money nor do we have any loans on the restaurant.
• There are a total of 4 co-owners (including myself) that are responsible for management.  At any given time, there are at least two owners on site to make sure things run efficiently and are profitable.

What I am asking for:

We recently acquired a 1220 sq ft location that is next door to a new and very successful wine bar. 
I am requesting $15,000 on behalf of my company in order to make sure that we have enough funding should we run into any unforeseen expenses during the final days before we open.  (For example, we had some electrical issues and a stove top go out on us within the first couple months of opening our first restaurant and luckily had the funds available for quick replacement while waiting for warranty reimbursement).  In this case, we are just planning ahead for any potential obstacles that ?Murphy?s Law? might throw at us. 

Currently, we have a build out cost of $60,000 which we have already funded with our own cash.  I would like to utilize a Prosper loan of 25% of our build out cost ($15,000) for the "just in case fund."  We are planning on opening late January/early February. This requested amount will also be used to cushion our initial inventory and furniture costs.  Once we are in operation, any surplus amount will be used as a large payment back to the Prosper lenders.  The restaurants will have absolutely no problems making payments and in all reality will probably make early payoff an option.  Additionally, I personally guarantee payment by putting my own personal credit on the line... and as I have said before, my credit is very important to me and I want to keep it up there!

NOTE:  We do not have any other loans for this restaurant and this would be the only loan/lien liability.

We are a licensed/insured/taxed LLC registered in the State of Oregon.

Please feel free to ask any questions! 

Have a great day!   

--I see that my credit dropped 1 point from AA to A according to Prosper.  The only thing I have found that could possibly be related is a college loan my mom took out that I cosigned for.  She makes the $109/month payment.  She was late about 6 months ago by a little over 2 months and I received a letter listing me as also a responsible party.  I took care of the payment and she