Listing Profile Bid History Loan History

Listing Title


Loan Information
Loan Status: Current Origination Date: 2008-07-01 Payments Made: 5 of 36 Total Payments: $4176.83 / $25000.00

Listing Summary

  

Borrower Info
Requested Amount: $25000.00
Lender Rate: 12.00%
Automatic Funding: No
Percent Funded: 100%
Monthly Payment: $830.36
 
Borrower: sixft8intall
Location: GA
Group: (NoGroup)
Group Fee: 0.00%

Credit Profile
Credit Grade: AA Homeowner: Yes Account Verified: Yes Debt To Income: 27%

Extended Credit Data
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Listing Description
Purpose of loan:
The purpose of this loan is to help secure a Family Restaurant and Sports Bar.  The restaurant that I am looking to purchase has been negotiated to a selling price of 120k.  I have 50k in cash that I am putting and need another 25k to cover the rest of the downpayment.  The restaurant has been in business for 5 years and is part of a national franchise.  Right now, it is doing 833k a year.  I currently own a pizza restaurant (franchise) for 3 years and will using profit from it to fund most of the downpayment.  The current owner has agreed to finance the remainder of the balance of 45k for 5 years at 9.5% interest.  I have the time to take on an additional business because I have an excellent management team in place at my pizza restaurant.          

My financial situation:
I am a good candidate for this loan because I have never not paid back money owed by me.  My credit score is over 740.  I take my debts very seriously.  I am a very big fan of "good debt."  I have 50k liquid that I am going to use toward the business.   I make between over 100k at my current job, which Ill be keeping.  

Listed below are the financials that my attorney and I have verified from the current business owner.

Sales $833,000   Royalties $49,980 6% Labor $208,250 25% Food $266,560 32% Lease $83,300 10% Others $124,950 15% 88% Expenses $733,040   Annual Profit $99,960 Monthly $7,500