Unsecured Line Of Credit W/ Shelf Corporations?
Anyone have experience with this? Is this possible? Some company in Northern California claim I can get up to $350k if I buy a shelf corporation and let it "age" as to bring up the D&B credit rating.
Is this too good to be true?
I am in N. CA and would be interested in this.
Sounds too good to be true.
Yes, it is true, legitimate and possible to get a shelf corp with credit depending on what you want but be prepared to spend some money if you do not know what you are doing to get the credit yourself.
I myself am in the process of getting a shelf corp with over one million dollar in credit, at a fraction of the cost, so yes, it is possible and real.
I was just give the name which I am checking out, that will supposedly give 10M unsecured LOC.
One of the techniques that they use is similar to www.pofllc.com where they "borrow" collateral from someone to get a bank guarantee or letter of credit and then lend you the bank instrument.
1 yr is 20%, 5yr is 30%, and you need some upfront $$$ to close the transaction.
Quote:
On 2008-02-12 02:57, shpam7 wrote:
I myself am in the process of getting a shelf corp with over one million dollar in credit, at a fraction of the cost, so yes, it is possible and real.
shpam7, care to share with us or at least point us to somewhere on web where we can learn this stuff?
This link is to an FBI report describing a "shell" Corporation.
http://www.usdoj.gov/usao/txs/releases/June2007/070614-Karam_print.htm
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CJ... Let us know how it pans out...good or bad...OK?
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Has anyone dealt with this company before?
http://www.companiesinc.com/corporation/aged
Look at "Aged Shelf Corporations with Credit Package"... $1m LOC but the corp. will cost u about $30k or so.
I did find this though- http://www.complaintsboard.com/complaints/companies-inc-c34326.html
[EDIT] Uh... never mind.. i found this too: http://www.ripoffreport.com/reports/0/315/RipOff0315881.htm[ Edited by Kimtd on Date 05/12/2009 ]
Interesting topic! This is the type of thing I`m interested in doing. Thanks for posting.
To dtaylorr: Buying a old / used-up, empty corp. is called a reverse merger. Check with David Feldman`s blog. He wrote a very good book on the subject called "Reverse Mergers"
I agree. I started seeing this 18 months ago (see http://www.thecreativeinvestor.com/ViewTopic64065-22-3.html) and from my perspective bank mentality has not changed much in that time. The net effect is not a win/win by any means...
Thanks for you input NewKid. The time frame is 20 days in SC and I put 5% down at the sale. I have been granted an extension by the judge and that is up on the 10th of this month. I may be able to get another extension if needed. I have put down 5% of 131,000 which brings the loan amount needed to $124,450 roughly. I have already been appoved for a mortgage through my employer (credit Union) but they need a full apprsaisal and that is where I am hitting the wall. The judge told us TODAY that he would not let us use a locksmith to enter the home and conduct an appraisal.
Have you tryed paying the guy to leave? This may be a cheaper solution. At a minimum perhaps you could pay him to allow entry for the appraiser and then more when he vacates (hopefully very soon).
I offered the guy $400 if he left by a certain date and time, and I gave him over a week to respond to me. He took the letter off the door and I never heard from him. It blows my mind that all someone in his position has to do is not answer the door and he could very well be there many more months for free. I even called the power company to inquire about his account with them. They said his account is active and he is paying the bill.
ITBInvestor is correct about the law being on the trustees side. The biggest lesson I have learned from this experience is try to bid on a house that is vacant. Thanks for your input.