I am a new investor that just started a coporation, my credit score is above a 700 score and what I’m trying to do is get a business line of credit. Is there anybody out thier that can point me in the right direction. Trying to take of advantage of this market with all the falling pricing.
Thanks in advance Detroit
Bad thing is you can not just open up a company and expect banks to loan it money. You need to get the company seasoned. Some bankers claim they can get the biz money once company is about 6 months old but I am yet to see that happen.
Now some banks maybe willing to lend to your corp with you as the guareentee and it will not show on your credit unless you default. Check out Wellsfargo, NAtional City, Wachovia, I know they all did this in the past.
I read on the Internet about Thomas Kish have you heard of him.
From my experience you need a corp with a 2 year history.
:cool HEY HEY how we all doing in the new year ??
ANY way yes most banks and loanplaces want a 2 year old corporation BUT they can be had for from 1,200 and up from many places AS well there are places that will become a officer of your corporation and aget the loan for your corporation THE amount of the loan loan can and would be from 100 K to 500 K
JUST some information i have found and know about that may help
Yes, that is correct. If you do go to buy a shelf corp, keep in mind that you need more than just a corporation with a 2 year history. You need everything - 411 office listing (address and phone), Dun and Bradstreet Profile. And also, the amount of years the corp has been in existence will correspond with how much of a credit line you can get, so 5 year is best. And be careful about just going to some website to buy one online…
Probably for a 5 year corp and everything I listed you’ll be looking around $4k
:cool YES this would be correct stevie - o alot of the places i have seen say they will set up the D & B so you have a# with them . IF you have this and ein # with the IRS >>> a office phone >>> a office address and if the corporation is in a differant state then you live and work . THIS can be a plus as you will have to have a company agent there >>> and you get a cert of good standing and file it with the state you live in and get a new or another address and phone #
YOU look like a growing company SO much the better do you not think ??? WHAT do you think a company like this could get on its own >>>> no personal credit checked ??? THE company would be 7 years old
A friend of mine has just set this type of deal up and is going to apply for a line of credit . THIS is the reason i was asking stevie - o or any one how much credit they could get as in cash credit line
I’m not sure, the companies I have dealt with still check personal credit and need a 700 or better.
I have seen a 5 year old corp with all that you listed get as much as $500k in line of credit, unsecured.
–Keep in mind these can come with some back end fees.