New Location Funds, Growing Restaurant- CASHFUNDERS ENDORSED
| Listing Information | |||
|---|---|---|---|
| Amount: | $20,000.00 | Status: | Expired |
| Grade: | C | DTI: | 0% |
| Lender Rate: | 17% | Borrower: | AndreasRestaurant |
| Finished | State: | TX | |
| Funded: | 0% | Group: | Cashfunders by Cash Flow Financial |
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Purpose of loan: The funds will be allocated to help pay for the finish-out of the new restaurant location which we are opening. The landlord is providing finish-out money but we will be short about $10,000. The rest of the money will be utilized for miscellaneous such as initial inventories, some furniture, and decoration. My Financial Situation: Our existing location sells on average $20,000 a month. We expect that our sales will significantly increase at the new location which is in a neighborhood with stronger demographics (more disposable income per capita, more double income families). We will be located in a high traffic area adjacent to a Whole Foods Market (upscale grocery), about 5 miles from our current location. My partner and I work everyday at the restaurant, our wives and kids do too in the evenings, which keeps our payroll small. Our rent for the new location will be $3,760 and we negotiated 3 months of free rent, which will help us during the transition. The restaurant will reimburse me for the Prosper payments which will be under $1,000 and easy to repay through the business? cash flow. Restaurant Concept Description: I used to be a chef for the Mansion, a well known five star restaurant and hotel in Dallas. I decided I wanted to work for myself and opened the restaurant with a partner about three years ago. Our concept is continental cuisine, although we call our food Italian. Our menu includes items such as Tilapia on a sauce of pears and wine, Veal Marsala, Shrimp Bisque, etc. We hold wine tastings every Thursday and have a pianist who plays during these events, which are very popular in the area. We really enjoy our clientele and the business but in order to grow we need a bigger, better location. See our reviews: http://local.yahoo.com/details?id=32435835 Comments On Personal Credit: My credit is strong, I am a very responsible individual and meet my obligations within terms. The delinquent accounts were car and electricity payments I overlooked but were paid in December, however, the credit report has not been updated to reflect this. This is a great opportunity for us to grow and the three year duration of the Prosper loan is a good fit for our needs. My DTI ratio reported on this listing is not correct. Prosper does not allow me to factor in the restaurant income which will be used to make the Prosper payments. I appreciate all your bids. |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 200330 | Growing Opportunity | A | $20,000 @ 17% | Sep 11, 2007 | Withdrawn |
| 200373 | New Location Funds For Successful Restaurant | A | $20,000 @ 13% | Sep 11, 2007 | Cancelled |
| 343209 | New Location Funds, Growing Restaurant- CASHFUNDERS ENDORSED | C | $17,500 @ 17% | Jun 17, 2008 | Loan created |
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