Buying Grandparents Dairy Queen Franchise! "A" Credit!
| Listing Information | |||
|---|---|---|---|
| Amount: | $25,000.00 | Status: | Loan created |
| Grade: | A | DTI: | 53% |
| Lender Rate: | 15% | Borrower: | entrepreneur83 |
| Finished | State: | KY | |
| Funded: | 100% | Group: | Future Innovations |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2008-02-05 | EricsCC ROI: | 13% |
| Status History | |
|---|---|
| Feb 03, 2008 | Current |
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Hello and thank you for reviewing my loan request. I will be the proud owner of the local Dairy Queen restaurant in Paducah, Kentucky as of April 1, 2008. This restaurant has been owned and operated by my family since the 1950?s. Our franchise is one of the top sales volume units in the 5,000+ unit chain. In 2007, sales were between $1,000,000 and $1,500,000, which amounted to a 10%+ increase over the prior year. Sales growth has been positive for the past 10+ years. My grandparents, age 79 and 81, currently own the franchise rights, free-standing restaurant, and land. Through a lease-purchase agreement, I am purchasing the restaurant from them. Please visit our website at DairyQueen.com As a 3rd generation restaurateur, I have been in and around restaurants since I can remember. I have worked in this particular restaurant since age 13. In May 2006, I graduated from Babson College in Boston, MA, the nation?s #1 college for entrepreneurship, with a degree in entrepreneurship and statistics. In December 2006, I completed our franchisor?s franchisee certification program. My current responsibilities include both the complete operational and financial management of the business. If funded, the $25,000 will be used for working capital when I take over on April 1st. Among the uses of funds include purchasing inventory (food), a down payment on business owners? insurance, and funding payroll the first week. I know that I will be a motivated and dedicated restaurant owner. I have learned from my parents and grandparents, working side-by-side with them. My family believes that one of the biggest keys to success in the restaurant business is being a ?hands-on? owner. We believe in serving our customers a great product, with great service, in a clean and appealing environment. Monthly Net Income: I am paid $3,555.74 a month for my management of the restaurant. One benefit to living in Kentucky is the low cost of living. Housing: $400.00 Insurance: $116.56 Car Expenses: $512.20 Utilities: $78.63 (12-mo. avg.) Phone, Cable, and Internet: $67.21 Food & Entertainment: $175.00 (avg.) Clothing, Cat & Household Expenses: $200.00 (avg.) Total Monthly Expenses: $1,549.60 I believe that I am an excellent candidate for this loan with my ?A? credit. I have a low DTI (16% prior to this request) and keep a ?zero? balance on my credit cards. Since moving back to Kentucky, I have been able to save a substantial portion of my monthly income to invest due to my low monthly expenses. I am very fortunate that my grandparents have been able to me offer this lease-purchase agreement; therefore I have not had to go the route of traditional bank financing. If funded, my Prosper loan will be one of my first priorities each month, as the payment will be automatically withdrawn. I promise to make all of my payments on time ? defaulting is not an option for me. My delinquencies occurred 6 years ago during my first year of college. Credit cards taken out on my behalf for tuition, books and other college-related expenses went unpaid for a period of time unbeknownst to me. When I found out, I worked 2 jobs while still attending college to pay off in full all delinquent balances. I still have 2 of those credit cards in good standing today with $0 balances. I realize that my past delinquencies are anything but desirable, but I believe that my current ?A? credit grade shows that I have been very responsible and have worked very diligently to restore my credit rating in the past 6 years. Thank you very much for your consideration! |
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