Adding Retail Coffee Pub to existing wholesale roastery
| Listing Information | |||
|---|---|---|---|
| Amount: | $25,000.00 | Status: | Loan created |
| Grade: | C | DTI: | 0% |
| Lender Rate: | 27% | Borrower: | burly43 |
| Finished | State: | MN | |
| Funded: | 100% | Group: | Cashfunders by Cash Flow Financial |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2008-08-05 | EricsCC ROI: | 26% |
| Status History | |
|---|---|
| Aug 05, 2008 | Current |
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Wholesale Coffee Roaster Expanding To Retail Side Of Business 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 will change the menu and operate as an ale house. We also intend to use the coffee shop as a training center for our wholesale clients. The loan proceeds will be used to purchase kitchen equipment and signage. I am confident, 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: I always pay my bills on time and meet my financial obligations. My credit summary reflects someone who has leveraged my personal credit for use in my business (only $14,000) which has left me with a high utilization ratio and I have to list my earnings as ?stated? due to Prosper policy for ?self-employed? people. The result is a Prosper credit grade of ?C? when in actuality I should be graded something much higher! 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, which consistently sells $40,000.00 per month, provides 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. The Prosper loan payments will be made from the cash flow of the business, but I am also providing a break down of my personal finances: Monthly net income: $ 5000 - 5500 Monthly expenses: $ 3,800 = Monthly Free Cash Flow $1,450 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 |
| 357341 | New Coffee pub needs equipment | B | $15,000 @ 27% | Jun 25, 2008 | Expired |
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