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This loan will be used to puchase a small cafe business for my wife to operate, she has been a in home daycare provider for the past 15 years now our childern are gromn and she wants to do something that she has always wanted to do and that run a small restraunt,we have been concidering buying this one for the last year,it is owned by a freind that had bought it 7 years ago for his wife to run she fell ill after about 3 years and passed away,when it was open it was a very profitable small cafe in a very busy location grossing an avr. 500 per day,Iam also self employed in the transportation ind. for the past 20 years , my income alone would more than cover all of our bills including the payment on this loan,we are home owners and have never been a day late on any loans,we just sold a second home that was a investment property and have used most of the money to pay down a large peice of our debt most of it has not yet reflected on our credit report thats the main reson for the hi debt to income ratio,we are also investing aprox. 10,000$ in cash to get this going, the original owner invested in over 35,000$ to open the cafe 7 years ago. We are very cautious with our spending and investments and after giving this alot of thought we have decided to give it a go, we have a sizable cash reserve for a rainy day fund if needed, thank you for taking the time to read this! |
