Buying roadside monument sign for business
| Listing Information | |||
|---|---|---|---|
| Amount: | $25,000.00 | Status: | Loan created |
| Grade: | AA | DTI: | 31% |
| Lender Rate: | 12% | Borrower: | JimHouston |
| Finished | State: | TX | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2008-07-21 | EricsCC ROI: | 11% |
| Status History | |
|---|---|
| Jul 18, 2008 | Current |
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Purpose of loan: This loan will be used to purchase a 15' tall x 10' wide roadside monument sign including full-color digital messaging panels on both sides of the sign in order to advertise and promote my new business. My father and I are opening a 5000 sq.ft. sports bar and restaurant in September 2008 on the north side of The Woodlands, Texas on the southeast corner of Interstate 45 and state highway 242 and have been given permission to install this sign along the state highway 242 frontage by the retail center. For those who don't know this area, The Woodlands is located in the far north suburbs of Houston and is an affluent area that is lacking a good sports bar. This sign will be seen by tens of thousands of potential customers each day. There is also an opportunity to sell messages on the digital sign to the other tenants in the shopping center. To put this project in prospective, the shopping center owner is contributing $170,000 in build out allowance and my father and I are contributing $300,000+. My financial situation: Frankly, I was going to buy the sign from our cash invested in the business or perhaps use a credit card for this purchase. But I love the idea of Prosper and wanted to give it a try as an actual borrower of funds. My credit is good and I get the usual slew of low cost credit card offers that go in the trash most of the time. As for qualifications, my father owned a neighborhood bar for eleven years (in central Illinois) back in the 90's and while I am a successful technology executive, I also spent a couple years working in the management of high-volume nightclubs in the early 80's. We both understand what it takes to run this business. Nor are either of us depending on this new business for our living expenses (I'm not quitting my primary job) but we certainly expect to get a return on our investment and will be closely involved in the day to day operations. |
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