Posted by Gunn(Ga) on May 29, 2004 at 20:29:02:
I believe the companies that sell the shelf corps actually form the corps, filing a paperwork and then just hold them for 2 or more years before selling.
Then you purchase the corp and change the name and the officers running the corp, but the corp retains the original date of incorporation
Shelf corp with established credit line? - Posted by Gunn(Ga)
Posted by Gunn(Ga) on May 29, 2004 at 09:52:19:
Has anyone explored buying a shelf(aged) corp which already has a credit line established?
I have just started looking into this.
So far I have read that it may be possible to purchase a shelf corp with a credit line around 250k for 20k.
I have contacted a company that sells shelf corps and I am waiting for their reply.
Any advice/experiences would be appreciated.
Gunn(Ga)
Re: Shelf corp with established credit line? - Posted by Lee Gartner
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Re: Shelf corp with established credit line? - Posted by Ron M
Posted by Ron M on May 30, 2004 at 12:59:03:
Seems to me that a hard-money lender or private lender would be a better option than paying $20K just to get financed.
Ron M (WA)
Re: Shelf corp with established credit line? - Posted by Mandrake
Posted by Mandrake on May 29, 2004 at 18:29:41:
Essentially you are being asked to pay $20K upfront to obtain a $250K loan/line of credit. That sounds like an advance-fee set up to me. Ever heard of advance-fee fraud? I am not saying that is certainly what is going on here, but be careful. Do exhaustive due diligence.
Mandrake
Re: Shelf corp with established credit line? - Posted by dale-ohio
Posted by dale-ohio on May 29, 2004 at 16:23:02:
oh sorry i forgot to ask, what is the name of the company that you are working with to get a shelf corp? and do you know if you can use them in any state? thanks
Re: Shelf corp with established credit line? - Posted by dale-ohio
Posted by dale-ohio on May 29, 2004 at 15:48:43:
well its sounds good, i just looked up shelf corp after i read your post. i am hveing trouble getting financing for my biz cause its not 2 years old. I wonder how they prove its been in business for a while. Is there a born on date?
Re: Shelf corp with established credit line? - Posted by Gunn(Ga)
Posted by Gunn(Ga) on May 31, 2004 at 21:27:59:
That’s true…
I have not used hard money, but I am currently using a private lender for rehabs (15% no points)
This works better that using partners which is what i’ve done in the past.
However,
a 250k plus credit line would be worth the 20k to me, depending on the terms. Much more flexibility on larger deals it would seem.
Gunn(Ga)
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Re: Shelf corp with established credit line? - Posted by Gunn(Ga)
Posted by Gunn(Ga) on May 29, 2004 at 20:25:52:
here are some links to companies selling shelf corps in different states:
http://www.shelfcorporation.us/wyomingcorporations.htm
http://www.corporationstoday.com/aged.html
The company i’m looking into is:
www.americancorpex.com
the have shelf corps in a few states, including Ga, which is what I wanted.
They do not advertise shelf corps with established bank accounts and credit, but if you ask a sales rep about it, they can give you some info.
Gunn(Ga)