Business Lines Of Credit

I have had a Sole Proprietorship for 21 years and am filing for a C-Corp now and want to build unsecured lines of credit. I ran across a web-based company - Business Finance - who offers a service to help establish three types of business credit. Has anyone had any experience with them? They tell prospective customers to check them out first and that is what I am trying to do. Thanks MB

Comments(9)

  • Miamipoker6th June, 2007

    Most banks want your company to be setup for at least 2 years before giving you an unsecured line of credit.. Your best bet is to have your bank account with a national bank and go to them for a business credit card. Then after your company has been established for over 2 years get a LOC.

  • cjmazur19th June, 2007

    I found most of these systems to be a scam, where I had to pay some fee, w/ no guarantee of performance.

  • acuguy20th June, 2007

    My concern also. The thing is; I would be happy to pay someone legitimate a few hundred bucks if they could walk me through the process I should follow to establish the cash credit lines. Most services I have seen are for those with no established business while I have a 21 year old Sole Prop. and a new C corp.

    Quote:
    On 2007-06-19 22:08, cjmazur wrote:
    I found most of these systems to be a scam, where I had to pay some fee, w/ no guarantee of performance.

  • linlin28th June, 2007

    All my accounts are mainstream banks - Washington Mutual, Bank of America, Wachovia, Home Depot, Citibank, Chase, Juniper, etc.

    Bank of America is being very generous lately. We had small accounts for 3 companies there and they offered us LOCs and Business CCs all with no docs and no guarantees. The all had 0% balance transfer for 9-12 months. We also got several HELOCs with them with no docs.
    My credit score is low but no baddies and very little personal debt. My moms is excellent.
    If you are interested I can send you the list of what was easy and what took work

  • mcole28th June, 2007

    I agree with linlin...Bank of America has some great programs. And a lot of them have no closing costs.

    It would be worth at least talking to them.

  • dnvrkid28th June, 2007

    I would agree that Bank of America seems to be pretty easy to work with. I opened an LLC 2 years ago, have had a B of A credit card for a year and the started me with only $5K credit line. I used it paid it off a couple of times and they have since bumped my credit line up twice without even asking.

    The card line of credit is now over $20K and they are pursuing me now to open LOC. I will probably apply for a $30K LOC here and use it several times and hope they bump it up for me again.

    $35K is the limit for most banks before they start requiring you to jump through hoops with lots of paperwork to prove cashflow.

  • cjmazur17th July, 2007

    you own the land free and clear, that is very powerful.

    You can get construction money for 70% LTV, so the lan may cover that.

    They riskiest part is finding a good GC to run the job. You could JV w/ him or pay fee for service.

    Have you done your DD as to the entitlement process?

    zoning
    affordable housing
    land use
    historic or other district
    etc.

  • bernardpete17th July, 2007

    The deal fell apart because it was rezoned as a SF lot.

  • finniganps19th July, 2007

    Quote:
    On 2007-07-17 16:10, bernardpete wrote:
    The deal fell apart because it was rezoned as a SF lot.


    How can it be rezoned single family if there is a 4 unit on the lot???

Add Comment

Login To Comment