Mike and Shelley’s Line of Credit Experience

Experienced restaurant proprietor, Mike, and his wife, Shelley, own a local seafood restaurant in Vancouver, British Columbia. Specializing in fish and chips, Mike and Shelley’s restaurant has become a very popular spot for locals over the past few years. With their growing business, they both knew that it was time to expand.

Meet Shelley:

49 years old
Lives in Vancouver, British Columbia
The brains of the operation

Meet Mike:

52 years old
Lives in Vancouver, British Columbia
Head Chef – aka the heart of the operation

Mike and Shelley have been married for 21 years!

Mike and Shelley came to LendDirect after being denied for a business expansion loan by their local bank. Disappointed in their bank, Mike began to explain to us his vision of expanding their restaurant.

They had plans to simply add on to their building, making room for more guests to enjoy their favorite fish and chips restaurant. Intrigued, (and now hungry) we quickly ran them through the application process.

Here is a breakdown of Mike and Shelley’s personal line of credit decision with LendDirect.

Monthly Statement

Approval Amount
(Credit Limit)

$15,000.00

Advance Amount

$15,000.00

Annual Interest Rate

46.93%

Estimated Payment
(with Loan Protection)

$951.06

After a handshake and two cups of coffee, Mike and Shelley were out the door with $15,000 in their bank account. Mike got straight to work, tearing out walls, purchasing new furniture, adding more bar stools and rebuilding for a more spacious, more luxurious atmosphere. While Mike was focused on the addition to the restaurant, Shelley was hard at work crunching the numbers.

Fish and Chips for Everyone!

With all of the new business coming in, Mike and Shelley were able to pay back their personal line of credit in only two months. Mike was back in the kitchen cooking up some of Vancouver’s finest fried fish and chips and Shelley was busy as usual handling the restaurant finances. Although the restaurant was doing just fine before the renovation, there is always room for improvement. LendDirect is always there to ensure our Customers receive the best Customer care with a prompt and convenient funding method.

The above information is based solely off of an illustrative example and is not based on a real person or a real scenario.

Mike and Shelley’s Line of Credit Experience

Meet Shelley:

Meet Mike:

Monthly Statement

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