Ambitious Attorney and Single Mom Opening New Restaurant
| Listing Information | |||
|---|---|---|---|
| Amount: | $15,000.00 | Status: | Withdrawn |
| Grade: | HR | DTI: | 41% |
| Lender Rate: | 35% | Borrower: | msebony |
| Finished | State: | IL | |
| Funded: | 0% | Group: | (No Group) |
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Where I Was: I am smarter than that! I went to one of the nation?s top law schools, made over $100k, but I ended up in an abusive relationship and with damaged credit. After my separation, my ex refused to help pay for the our joint debts (house, cars, etc.) and I could not support the bills and my son on a single income. I was on the Oprah Show during the Debt Diet series and worked with 3 of the nation's top financial advisors to develop a winning financial strategy. Where I Am: Strong business acumen, drive, and realism make me a great candidate for this loan. I currently operate a successful property management company and am a partner in a soul food restaurant in Chicago, www.thenegroleaguecafe.info My credit profile will show 2 current delinquent accounts, one is a fraudulent account and will be removed within the next 30 days and the other I am currently disputing. I do not currently have any credit card debt. Where I Am Going: I am the sole owner of the new restaurant. That Breakfast Spot! will be a breakfast cafe located directly across the street from the Wilson Redline Station, one of the main trains from North Chicago to Downtown. That Breakfast Spot! will be the only coffee shop/breakfast restaurant within a ½ mile radius of the train station and is located in Uptown, a rapidly developing neighborhood on the north side of the city. http://www.chicago.com/neighborhoods/Uptown The keys to success will be low overhead, reasonable prices, convenience, limited competition, and LOCATION, LOCATION, LOCATION! It is scheduled to open March 31, 2008. What I Want: I have already paid for the build out of the location. I have $15,000 for operating expenses. I am looking to finance equipment and furniture for the restaurant (ovens, coffee makers, expresso machine, crepe maker, waffle maker, display cases, tables, chairs, etc.) Business Financial Summary: Monthly Operating Expenses $12,800; Projected Monthly Revenue ($ avg. ticket): $28,000; Cash Reserves $15,000 Personal Financial Summary: Monthly Expenses $4,027; Monthly Income $5,000; Cash Reserves $11,000 |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 281684 | RESTAURANTEUR FINANCING ARCHITECT FOR NEW RESTAURANT | D | $4,000 @ 35% | Feb 19, 2008 | Expired |
| 285555 | FINANCING ARCHITECT FOR NEW RESTAURANT-- 2nd TRY | D | $4,000 @ 20% | Feb 28, 2008 | Cancelled |
| 295225 | FINANCING ARCHITECT FOR NEW RESTAURANT-- 2nd TRY | D | $4,000 @ 21% | Mar 19, 2008 | Cancelled |
| 350432 | INVESTMENT PROPERTY PURCHASE | D | $25,000 @ 30% | Jun 14, 2008 | Loan created |
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