Working Capital to Open My Gym
| Listing Information | |||
|---|---|---|---|
| Amount: | $25,000.00 | Status: | Loan created |
| Grade: | A | DTI: | 0% |
| Lender Rate: | 30% | Borrower: | SantaFeATF |
| Finished | State: | NV | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2008-06-18 | EricsCC ROI: | 28% |
| Status History | |
|---|---|
| Jun 18, 2008 | Current |
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Purpose of loan: II am opening an Anytime Fitness gym in Santa Fe, NM. It will be the only 24-hour gym in the city and so far the response I?ve received from the city?s residents has been overwhelmingly positive. I applied for an SBA loan to help cover the costs of construction and equipment but due to the tightening of lending restrictions in recent months, it is very difficult to get a loan. After spending months getting the run-around from the banks I gave up on the process. I ended up having to finance the construction on my own and lease the exercise equipment. My original goal was to be open in February of this year but, due to delays by the banks in my belief in their promises they would approve my loan, the opening date has been pushed back to June 30. I was under the impression that I would be cash-flowing by now but all of these delays have stretched me a little bit thin. I would like this loan to purchase some of the final, miscelaneous things which I will be needing before opening (i.e. TV's, computer, mirrors, various exercise accessories, etc.) I don't want anyone to worry that I will not be able to repay this loan. With the rates I'm charging at my club, I will need approximately 550 members to break even. As I said, the response in Santa Fe has been extremely positive and I already have over 200 memberships sold in presale promotions. I anticipate positive cashflow no later than my second month of being open. Feel free to contact Anytime Fitness to verify that I am in fact opening this gym. You may also visit the website to see pictures of the facility and for more information about it. Feel free to contact me for any information you would like. I will provide you with financial statements, photographs, business plan, and anything else that will make you feel more comfortable in making this decision. My financial situation: My financial situation is excellent. I have several properties, all of which I have rented out. (This is why I can't verify income, as much of it is revenue from renters. ) My credit is perfect. I have a manager for my gym who will be overseeing operations full time and this will allow me to keep my job in the interim. I have been a bartender at The Venetian Hotel and Casino in Las Vegas for the last nine years. In that time I have worked my way up and I am now working the best shift in the evenings at the main casino bar. This job is very lucritive and I have an arrangement worked out with management that I can take intermittent leaves of absense whenever I want. So if my presence is required at the gym, I can go at a moments notice. Otherwise I will work there, earn my money, and allow my manager to oversee operations at the gym. He is my best friend, I trust him completely, and I know my business will be in good hands. I thank you for your consideration in this matter. |
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