Operating Capital for Established, Profitable Franchise
| Listing Information | |||
|---|---|---|---|
| Amount: | $25,000.00 | Status: | Loan created |
| Grade: | B | DTI: | 44% |
| Lender Rate: | 16% | Borrower: | chris-arizona |
| Finished | State: | AZ | |
| Funded: | 100% | Group: | Business Owners Cooperative |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2007-02-22 | EricsCC ROI: | 12% |
| Status History | |
|---|---|
| Feb 22, 2007 | Current |
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My goal with prosper.com is to add operating capital to my Dryer Vent Wizard franchise. While my business has been able to finance growth with existing cash flow, I prefer to have a safety net. Furthermore, I am keenly aware that nothing burns through cash like growth. As such, I realize that now is a good time to establish a contingency fund. I purchased my franchise in June, 2006. At present there are approximately 50 DVW franchisees throughout the US. My franchise territory covers the eastern half of Maricopa county as well as Tucson; it is an extremely large territory. I hired my first technician in 10/2006 (I was in the field myself until that time). The goal for a technician is to book two jobs per day, five days per week, at $400 per job. At present, my technician is averaging 2.3 jobs per day at $352.96 per job (the national average is $312.51). My monthly gross revenues to date are as follows: July, 2006 $ 2,159.07 August, 2006 $ 5,579.22 September, 2006 $ 5,725.05 October, 2006 $ 5,295.88 November, 2006 $ 7,756.33 December, 2006 $ 8,835.20 January, 2007 $ 18,706.88 With my technician near capacity, it is imperative that I acquire another van. I will handle the overflow work until my volume warrants hiring a second technician. The van will be acquired through a fleet program master lease with DiamlerChrysler(unlike conventional leases, the van is owned outright after four years). The monthly cost is about $575 per month. Commercial vehicle insurance runs about $2k per year. I will use approximately $7k of the requested money to outfit the second van with the necessary equipment, tools, and inventory. Beyond that, I want to make sure that I can sustain my growth and continue to fund sales and marketing initiatives. About my financial credibility The most compelling aspect of my personal credit history is that I do not have a single late payment on my record. While my business is able to make the payments for this proposed loan, I want to assure you that I have the means to make the payments personally. I have revenue streams (income already verified by Prosper.com) from multiple sources: Bark Busters, FranChoice, and real estate investing, in addition to Dryer Vent Wizard. I have over $300k in equity between my residence and a rental property. Thank you for your consideration; please contact me if you have any que |
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