Loan for 2nd restaurant
| Listing Information | |||
|---|---|---|---|
| Amount: | $25,000.00 | Status: | Withdrawn |
| Grade: | C | DTI: | 28% |
| Lender Rate: | 17% | Borrower: | seckel714 |
| Finished | State: | TX | |
| Funded: | 0% | Group: | Cashfunders For Individuals |
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Purpose of loan: I am in my ninth year as a financial advisor. I am requesting this loan which will be used to provide working capital for my husband?s new restaurant slated to open in three weeks. We are projecting a quick ramp up, so the restaurant will cash flow almost immediately. If the business were to get off to a slower start than we project, my personal cash flow resulting from my employment income as a financial planner can comfortably pay the Prosper loan payments as well as our current living expenses. Restaurant Overview: Concept description: This is a Turkish restaurant in an area of high net-worth individuals (average household income within 3 miles is $282,000). This is a full-service restaurant offering the fastest growing cuisine in America- Turkish food. Management Plan: My husband will be using his extensive restaurant experience to manage the new restaurant while his business partner will run the kitchen. His business partner attended 7 years of culinary school and lived in Turkey for many years perfecting his skills in Turkish cuisine. Financial Projections: We are getting of to a good start. We have leased a former restaurant location in a building that is only 6 years old. All of the required interior finish is present and paid for, and the landlord gave us our first three months at zero rent. To date have invested $75,000 of our own funds, and purchased the kitchen equipment and required furnishings. We are projecting $36,000 in average monthly sales, which will cash flow approximately $10,000 per month or more. Monthly net income: $ 7,418 (not including my husbands income). We have already passed most of our inspections with the city and are waiting for two more inspections then we can open for business. Comments on credt: My credit is strong and relects a good payment history, but it contains some inaccuracies. I do not have any current delinquencies. I was turned into collections for some medical bills (which I paid!) I incurred related to a serious car crash I was in years ago as a college student with no medical insurance. Over time, I paid all the bills but they are now asking for interest and penalties. This derogatory will be off my credit later this year. The positive for lenders to consider is that I have very little debt and personal overhead. Regardless of how our business starts, these loan payments will be easy to pay. Monthly net income/financial advisor: $6,000. Monthly Personal Expenses: $ 2,829 Housing: $ 1,408 Insurance: $ 126 Car expenses: $ 560 Utilities: $ 170 Phone, cable, internet: $ 65 Food, entertainment: $ 200 Clothing, household expenses $150 Credit cards and other loans: $ 100 Other expenses: $ 50 Disposable income: $4,171 |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 360121 | Loan for 2nd restaurant | C | $10,000 @ 17% | Jun 30, 2008 | Withdrawn |
| 361750 | Loan for 2nd restaurant | C | $9,900 @ 17% | Jul 07, 2008 | Loan created |
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