Eric's Credit Community

Thank you for viewing my listing! I am 22 years of age and bought my first house at age 18. I have been part owner of a business for 3 years.

Our business is a full service vending company that supplies the largest chain of convenient stores in the Wichita, KS area. Along with these 35 plus stores, we are expanding to other retail outlets and hospitals.

I currently own 20% of the business. My partner (the 80% owner) wants to retire, and we have reached an agreement on transferring the rest of the business to me. The total price for his share is $66,000. I plan to make a down payment of $7,000, and my partner will carry the balance for 60 months at 0% interest.

Net sales (after product costs have been deducted by my supplier) for the past three years are $54,000, $66,000, and $75,000, and $97,500. Assuming no continued escalation in sales for 2007, my net EBITDA will be $81,150. After servicing this loan request and the note with my partner, my net income will be $63,300.

Here is how I will use the loan proceeds:

Down payment on the business                $7,000

Deposit for account with supplier             $2,500

1^st Insurance payments                             $ 500

Working capital & reserve                      $4,000

                                                              14,000

This is a very low risk deal. I come from a family of entrepreneurs with a track record of success. My partner has enough faith to carry $59,000 with no interest, and this is a business I know. Happy bidding!