New Location Funds, Growing Restaurant- CASHFUNDERS ENDORSED
| Listing Information | |||
|---|---|---|---|
| Amount: | $17,500.00 | Status: | Loan created |
| Grade: | C | DTI: | 0% |
| Lender Rate: | 17% | Borrower: | AndreasRestaurant |
| Finished | State: | TX | |
| Funded: | 100% | Group: | Cashfunders by Cash Flow Financial |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2008-07-01 | EricsCC ROI: | 16% |
| Status History | |
|---|---|
| Jun 29, 2008 | Current |
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Purpose of loan: The funds will be allocated for working capital for our new location, which we recently opened. The construction of the new location took longer than expected and we need money for inventories and working capital. My Financial Situation: Our previous location sold 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 arelocated 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. We negotiated 3 months of free rent, which is helping 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 Le Meridian, The Mansion, and Abacus. Both the Mansion and Abacus are well known five star restaurants 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 Italian herbs Crusted Wallu Seabass with risotto and guava butter, Filet Mignon a la Pimienta, and Grilled Rack of Lamb with blue cheese mash potatoes and balsamic reduction demi-glace, etc. We hold wine tastings monthly and have a pianist who plays during the weekends, which are very popular in the area. We have two private rooms available for private events, which are very sought after in the area. 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 which were overlooked during this busy transition but are now paid and will cycle through on my next credit report. 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 and look forward to seeing the Dallas based lenders in my restaurant. Mention the password Prosper for a free appetizer. |
| 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 |
| 263155 | New Location Funds, Growing Restaurant- CASHFUNDERS ENDORSED | C | $20,000 @ 17% | Jan 10, 2008 | Expired |
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