Funding needed to buy VERY Profitable Business
| Listing Information | |||
|---|---|---|---|
| Amount: | $25,000.00 | Status: | Cancelled |
| Grade: | B | DTI: | 30% |
| Lender Rate: | 20% | Borrower: | Greekx80 |
| Finished | State: | IL | |
| Funded: | 100% | Group: | 435 Supporting Lenders - Get FUNDED @ LOWER % than ANY group |
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<span id="ctrlDescription_ctrlDescription_l">Hello, to tell you about
myself, I
am an IT specialist during the day and a student at night. I have all
my school paid for by the Illinois Veterans grant in FULL and I also
get grants so I don't have to pay a dime and I get money to go to
school. I am going to school for Finance and will get my degree
next year. Now for my proposal. I am looking to buy a very profitable bulk vending business. I am buying this business from a friends father who has had it for a number of years now and wants to sell it so he can free up space in his warehouse and his time. He also has a HVAC business that is fairly large. I dont know the details but I do know the details of this vending business. Currently the business is set up as a corporation and it pulls in about $55,000 a year in revenue. Now the profits are about $2700 a month or about $32,000 a year before taxes. He has about 30 locations throughout the chicagoland area and has another 8 machines in storage along with about $10,000 worth or product in the warehouse. He needs the space at the warehouse to expand his HVAC biz. This sort of business does not require a lot of time on my part. Only 1 day a week to refill the machines and collect the money. It is mostly profit and I would like to expand this business to 35-40 locations by the end of the year if I get the funding for it quickly. This business is easily expandable and only an investment of 300-400 dollars can bring in another 300-400 a month....yea thats what I;m talking about. He has machines in high traffic areas like fruit markets and one location brings in 1000 a month PROFIT. All places have 3 year leases and the current owner of the business also said that he will help to find new accounts for me to. This business is cheap....thats why I am in a rush to get this money before he changes his mind. He is doing this as a favor to me because I helped him out in his business in the past. The sooner I get the business the sooner I make the profit. Right now my debt to income ratio is only at 12% but after this listing it will be 30% BUT that does not factor in the money that I will be bringing in FROM the business. The profit starts as soon as I get this money. If I fail to get the money then he will probably keep it. I do have about 10,000 in the bank at the moment and I have a full time job so there will be no way I will default on this loan. With a B credit rating, I have NEVER made a late payment in my life even in the bad times. Right now I am very well financially. If there are any questions, you can always email me. Thanks Tom |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 35567 | Funding needed for to buy very profitable business | B | $25,000 @ 15% | Aug 30, 2006 | Withdrawn |
| 90486 | Loan needed for Business | B | $20,000 @ 16% | Jan 29, 2007 | Loan created |
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