New Coffee pub needs equipment
| Listing Information | |||
|---|---|---|---|
| Amount: | $15,000.00 | Status: | Expired |
| Grade: | B | DTI: | 0% |
| Lender Rate: | 27% | Borrower: | burly43 |
| Finished | State: | MN | |
| Funded: | 5% | Group: | (No Group) |
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Purpose of loan: This loan will be used to? complete the build out of a retail coffee shop / ale house. We have spent the last year building out the front part of an industrial building to look like an Irish pub. Currently we operate a wholesale roasting business in the back part of the building. Retail customers will be able to view a fully functioning roasting operation. In the evenings we while change the menu operate as an ale house. The funds will be used to purchase kitchen equipment and signage. I believe, for a number of reasons, this project will succeed: 1) We have 30 years experience in the industry, both retail and wholesale, 2) We have kept the debt load low by doing much of the labor ourselves, 3) The area has no coffee shop, 4) The building is located on a major road that leads to a large industrial park and tourist area, 5) I am part owner of the building; the lease will be flexible and favorable. My financial situation: My credit score took a hit two years ago; I went through an unexpected divorce. In the previous 12 years of our marriage, my wife had done an excellent job of managing the household finances while I grew the business. However, over 6 month period her mental health began to change; she made some poor choices. In a brief period of time a significant amount of debt was tallied up and the mortgage went unpaid. I was able to consolidate the debt, keep the house, and maintain the business. The divorce has been final for 18 months. I am a good candidate for this loan because? I have 15 years experience in the industry , never have I failed to pay off a business loan, and I am part owner of the building. This is a unique concept which I believe will draw in both the locals and tourists. Our wholesale business sells coffee to three shops with similar demographics, all three are thriving. Our start up costs are minimal; we have access to coffee equipment at wholesale prices and we have done much of the build out ourselves. Monthly net income: $ 5000 - 5500 Monthly expenses: $ 3800 Housing: $1400 Insurance: $200 Car expenses: $200 Utilities: $200 Phone, cable, internet: $150 Food, entertainment: $250 Clothing, household expenses $200 Credit cards and other loans: $1000 Other expenses: $200 |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 351592 | equipment for new coffee shop | B | $15,000 @ 18% | Jun 16, 2008 | Withdrawn |
| 373227 | Adding Retail Coffee Pub to existing wholesale roastery | C | $25,000 @ 27% | Jul 25, 2008 | Loan created |
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