Additional downpayment to purchase restaurant
| Listing Information | |||
|---|---|---|---|
| Amount: | $25,000.00 | Status: | Loan created |
| Grade: | B | DTI: | 0% |
| Lender Rate: | 17% | Borrower: | RanchHandBBQ |
| Finished | State: | TX | |
| Funded: | 100% | Group: | Cashfunders by Cash Flow Financial |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2008-06-27 | EricsCC ROI: | 15% |
| Status History | |
|---|---|
| Jun 28, 2008 | Current |
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Purpose of loan: This loan will be used to invest in my third restaurant location. I am buying a 13 year old operating restaurant from a lady who is ready to retire. The restaurant is very successful and the sales are very stable and are around $750,000 a year. I am buying the real estate as well as the business. The owner is financing the purchase over 25 years with low monthly payments. My financial situation: I have operated a truck stop with a restaurant and convenience store for 13 years. About four years ago I also leased a well established BBQ restaurant. In both cases the owners left businesses, that were successful, to pursue other endeavors. Both businesses are doing very well and continue to grow. I have been able to find a great group of people to manage my restaurants, which will allow me to pursue new business opportunities. The business I want to buy is a full service Mexican and American restaurant. We are planning on changing hands without having to close for business to avoid any disruptions to the customers, which will make for an easier transition. The current owners have a great stuff, excellent cooks, and management, who I am planning to keep. The owners will finance the purchase of the business. The mortgage payment is set at $2000. I will easily be able afford these payments along with the Prosper payments with cash flow from the business. My Personal Credit: My credit is very good, I have no late payments my business are doing very well and I am planning on having the restaurant paying me back for the Prosper loan. I would not put in jeopardy my good credit history by being late with Prosper. My income is not verifiable because Prosper does not allow me to include the income from the restaurant making my DTI incorrect. Thanks for helping make this new business opportunity come true! |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 343658 | Additional downpayment to purchase restaurant | B | $14,500 @ 17% | Jun 06, 2008 | Expired |
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