Working Capital for Historic B & B
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|Funded:||100%||Group:||Cashfunders by Cash Flow Financial|
|Loan Status:||Default||Origination Date:||2008-10-01||EricsCC ROI:||77%|
|Oct 01, 2008||Current|
|May 16, 2009||Late|
|Jun 03, 2009||1 month late|
|Jul 02, 2009||2 months late|
|Aug 02, 2009||3 months late|
|Sep 05, 2009||Default|
Purpose of the Loan:
I am looking to make some improvements and advertising. My plan is to invest in promoting our business on the northern part of Florida, as most of our guests seem to be from that area. Our Inn is a historic property and unexpected maintenance expenses arose which put us a little behind with cash flow. The big issues have been resolved and there has not been any issues for months. Now I will be making some cosmetic improvements to the rooms to make them more comfortable and luxurious. I would also like to have a working capital reserve in case of any unforeseen issues arise.
My Financial Situation:
Aside from the inn income I do part time work as an interior designer and have consultations throughout the year. I also have a rental property I receive income from.
Business Concept and Description:
The inn is open all year round. The peak season is after Thanksgiving until the end of July. The inn is sustainable and like the other inns there is enough business to keep us open all year round. We are a historic building from 1763 and our inn has been in business for 25 years. We are trying to reach out to our repeat guests with promotions made especially for them. I am promoting the inn by giving larger discounts to repeat customers, and rewarding them for their loyalty.
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Comments on Personal Credit:
My credit is in great shape, I am always very responsible with my payments. The loan payments will be made from the cash flow of the business. (As a result DTI ratio is not correct.) The Prosper loan will really be of great help to us and I am totally committed to make all payments on time.