Startup for Wedding Business - last list 99%
| Listing Information | |||
|---|---|---|---|
| Amount: | $19,600.00 | Status: | Loan created |
| Grade: | B | DTI: | 29% |
| Lender Rate: | 17% | Borrower: | austinites78 |
| Finished | State: | TX | |
| Funded: | 100% | Group: | Texas Excellence |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2008-08-01 | EricsCC ROI: | 16% |
| Status History | |
|---|---|
| Aug 01, 2008 | Current |
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We're making history here at Prosper - we missed our last listing by $8.59! We are back to request the attention of all of our previous lenders (and maybe 1 more?)to assist us in the startup of our business. We have now paid almost 22 timely payments to our current Prosper loan that funded in Fall 2006 ? Consolidating in Cedar Park. My wife and I have been planning to start a wedding venue business in the Austin area since we got married here in 2004. Those that have seen the beauty of the Texas Hill Country can understand its popularity of wedding locations. Between Travis & Williamson County, there are over 14,000 marriage licenses filed each year. There are already several nice local venues that refer brides to other services and receive a fee for that referral. This leaves the engaged couple paying more for their wedding. We are going to streamline the process bringing the price down and still maintaining a custom environment by providing most of the services in house. Our specialty will be with excellent service and convenience so the couple can share their dreams with us ? not stress over them. Currently, I am employed by a large bank in the business banking arena. My job is the review of business financials and clients to help grow their businesses. On a daily basis, I see the businesses that succeed and fail, expand and downsize. I am confident that my experiences will help me with the creation and management we have ahead. We also have been jumpstarting the business by providing some of the services on the weekends. My wife has been photographing weddings for the last few years and is currently working on her portfolio as well as a team of other photographers to work with. I have arranged the music for a few recent events with the equipment we purchased instead of paying a dj at our own wedding. My restaurant experience (5 years) prepared me well for the service and catering side of the business. As a previous restaurant manager, I organized wine dinners often coordinating tastes of a gourmet five-course meal. This experience led me to catering friends? and family?s events and then on to a few referral events of up to 50 people. My mother is a travel agent of 20 years. We also have family members covering services of floral, cake & TABC certified bar service. The money will be used in the following ways (approximations): $10k for the down payment on 5 acres to build our venue, $4.9k for marketing and print materials through Austin Wedding Guide's bridal show and catalog & $5k to pay off current Prosper loan we used to consolidate and boost our credit score. Brides will pay a small non-refundable down payment to reserve the date of their choice. This down payment will range from $2000-$3000 and as we continue to book weddings this will be additional start up capital. Our current Prosper payment is $394 and the new one should run about $710 Monthly Net Income is: $5500: Mortgage: $1633 Cars: $670 Utilities: $450 Credit Cards and Loans: $1100 ($400 of which is Prosper that will be paid off) Insurance: $200 Since most people get married on the weekend, I will continue to bring in my salary. Beyond my heavy networking in the communities of Cedar Park & Leander (Chamber Member & YMCA Board Member) -my wife will be responsible for further networking, as she is a part time realtor & stay at home Mom of our two boys. We both attended Texas State University in San Marcos and studied Mass Communication. I graduated in 2001 with a major in Advertising and a minor in Business Management. My wife studied Print Journalism and minored in Photography and only lacks 2 Spanish courses from her degree. Thank you for your support in helping our dream become reality. Please don't let the Texas Rate Cap count against us! |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 36842 | Consolidation for a better future | E | $10,000 @ 21% | Sep 05, 2006 | Cancelled |
| 42182 | Consolidating in Cedar Park | E | $10,000 @ 23% | Sep 25, 2006 | Loan created |
| 361789 | Consolidating & Startup Business | B | $19,500 @ 9% | Jul 05, 2008 | Withdrawn |
| 364122 | Wedding Venue | B | $19,900 @ 17% | Jul 13, 2008 | Withdrawn |
| 371057 | Startup for Wedding Business | B | $19,800 @ 17% | Jul 21, 2008 | Expired |
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