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Ohio

Prince's Subs

About Documents
6%
$1,550 Funded
$25,000 Target
16 days Time Left
5 Investors
$25,000 Min. Raise
$35,000 Max. Raise
60 mo. Term Length
11.25% Interest Rate
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Overview

We provide our community with the nostalgic taste of Warren, Ohio's Prince's Subs. Prince's Subs started back in the 1950s. People who know and love them remember going to Elm Rd across from Harding High School. The smell of onions, the distinct taste of the pickle, white butcher paper, and rubber band was all part of the experience. We currently offer the original sub and meatball sub, with hopes of offering more as we grow.

We are raising $35,000 at an 11.25% interest rate, paid over a 60-month term! 

We are excited to keep the memory of Prince's Subs alive for our community!

 

The Project 

Prince's Subs is moving into our first retail space! We are currently operating out of our church kitchen. Moving into the building will allow us to operate more days each week to provide our customers the subs they love, as well as offer catering and host fundraisers. We will also be able to look to other options to provide and expand our menu.

  • Remodeling - $10,000
  • Architect - $5,000
  • A/C installation - $3,000
  • Equipment - $4,300
  • Working Capital - $12,700 

 

We are moving into our first brick-and-mortar location on West Market Street in Leavittsburg, OH!

Business

History

Prince's Pizza Kitchen originally was located on Elm Rd in Warren, Ohio across from Harding High School and owned by Larry Prince. It was known and loved by many people in our community. The most loved item was the original "Maine's Famous Italian Sandwich." Over the years, it ended up being owned by Linda Moore, better known as Ms. B. After some time, she made them from her own where only previous customers were able to get them. Several summers ago, she worked with the Western Reserve Alumni Association to do a fundraiser during the Taste of Warren, held downtown. They were sold out in less than 30 minutes. We were part of the disappointed people that didn't get any. Jim happened to have a connection to get us a couple. Which turned into a sweet relationship between me and the Moore family. Over time, several life changes happened, and making the subs grew more difficult. Not wanting to see the subs be gone forever, the Moore's worked with us to purchase the recipe and several of the other subs. That was December 6, 2019. We made subs at a local community center every Friday until the pandemic closed us down for several months. When we started back up, numbers were low but still consistent. Over the summer we dropped down to every other week. But still have consistent numbers.

 

Dannette currently operates the business out of her church kitchen. She is dedicated to serving her community! 

 

Future

We hope to build an even stronger customer base with our storefront. Over the next several years we would add the other subs Ms. B gave us the recipes for, as well as some new items to join our pickle family. Hopefully, we can continue the Prince's legacy and our grandchildren will someday run this.

 

With the build-out of their new location, Prince's Subs will be able to expand its menu and reach more customers! 

 

About the Owners

Jim and Dannette Antes

Dannette is a retired x-ray tech and current caretaker of the local community center. She has a passion for taking care of people and her community. She is committed to her family and her Christian values. Jim has a background in sales and campaign management, leading teams raising up to $3.2 million. He has been an official for community soccer and basketball teams for the last 19 years. He shares Dannette's sense of community and Christian values. 

 

Husband and wife duo: Jim and Dannette bought the business to keep the tradition of Prince's Subs alive in their community! 

Deal Summary

 Issuer

 Prince's Subs LLC

 Doing Business As

 Prince's Subs

 Security Type

 Secured Loan

 Loan Purpose

 Retail location build-out

 Offering Amount

 $25,000 - $35,000

 Interest Rate

 11.25% annually

 Payments

 Monthly, disbursed to investors quarterly 

 Maturity

 6 months interest only, followed by 54 months fully amortizing 

 Personal Guaranty  

 Dannette Antes & James Antes

 Security Interest

 Blanket lien on the assets of the company

 Offered Portal 

 Honeycomb Portal LLC

 Offering Type

 Reg CF

 

Your Earnings Potential

If you choose to invest, you will make a one-time investment via ACH that will be transferred to a secure escrow account. If the campaign successfully reaches its target, the funds will be distributed to Prince's Subs LLC.

For more information on the mechanics of Honeycomb’s crowd investing platform, please review our Education Materials.

 Investment Amount   One-Time Fee  Potential Quarterly Return:
Interest-Only Period*
 Potential Quarterly Return:
 Amortization Period* 
 Potential Total Repayment* 
 $100  $2.85  $2.81  $7.11  $133.52
 $500  $14.25  $14.06  $35.53  $667.61
 $1,000  $28.50  $28.12  $71.05  $1,335.22
 $5,000  $37.25  $140.62  $355.27  $6,676.12

Your ongoing responsibilities from investing are limited. Over the life of the loan, you will receive a yearly 1099-INT, which is a simple tax document similar to what you receive for most savings accounts. *Individual payments may vary slightly based on rounding. Potential repayments include principal and interest; they do not include the one-time fee which is assessed when you make your investment. These amounts are calculated as a hybrid interest-only + amortizing loan, which means that there is a specified interest-only period followed by an amortization period. There are no prepayment penalties and Prince's Subs LLC may pay down their loan early, which may impact your earnings potential. Please note: returns are not guaranteed and investors could lose some or all of their investment.

Prince's Subs LLC pays as agreed. You will receive quarterly payments directly into your bank account. In the event of a default, you will be contacted by the administrative agent to manage the collections process on the investors' behalf.

 

How Honeycomb is Compensated

Honeycomb charges Prince's Subs LLC a $250 posting fee and an 8.0% loan origination fee.

Additionally, to cover expenses associated with each investment, Honeycomb charges a 2.85% investment fee capped at $37.25 per investor.

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