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Nicholas Mungai

Nairobi, Kenya

100% repaid

Entrepreneur

Name

Nicholas Mungai

Member since

December 2016

On-time repayments

84 installments  •  94%

About Me

A highly determined and focused individual, who was brought up among five siblings through rather hard times in the rural area of Nakuru in Kenya. I did manage to go through school, excelling well to become a well experienced technocrat in IT, Business and Real Estate

My Business

I am currently employed, and still run side businesses in Real Estate, Fitness and Agriculture.

My Real estate business, involves construction and renting out of studios and single unit houses to low to medium income bracket. This business is capital intensive and hence my being here, to appeal to like-minded people to support me in this journey.

Loan Proposal

I would like a partner whom i can work with to house small and possibly middle income earners in Kenya. My business revolves around setting up of low-end housing units, on leased land belonging to families in ownership of large ancestral land patches that they cannot sell in the short term.

The lease periods run from 10 years to 15 years, and are all legally done to ensure there are no conflicts. I have my first 10 year lease agreement done, on a piece of land situated right in the middle of Uthiru shopping center.

Projected rental income per unit is averaged at Kes 5,000, and we plan to have 40 of those units on project completion. Net revenue is projected to average at Kes 170,000. I plan to use 50% of this revenue (Kes 85,000) to repay off my loan and the rest to build up capital for the next project.

I am looking to scale in the next couple of years, or sooner should an investor come on board. I am ready to share the elaborate business plan when the appropriate time comes.

It is for this reason that i seek for funds to get started off.

Feedback

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Loan Info

Project Type

Classic Loan

Disbursed amount

$5.29

Date disbursed

Jan 11, 2017

Repayment status

On Time

Projected term

6 weeks

Cost to entrepreneur

Service fee: $0.22

Lenders

MarktheMormon

Sandy, Utah, United States

J

JohnH

Livonia, Michigan, United States

Paul Buchheit

Mountain View, United States

Craig Newmark

United States

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