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Chane P posted a new Financing A Business thread on 2/26/2010

Looking for acquisition capital

I am looking for capital that I can use to acquire a corporation that qualifies for $1M+ in bank lines of credit.

Once I purchase the corporation, it will be immediately processed for funding, which will take 6 months at the most - so my lender will be paid back (plus generous interest) from the bank credit that my corporation receives.

Does anyone know of somewhere I can get funds to do this (without using my personal credit)? The acquisition cost is somewhere between $50k and $75k... I have solid details, plans, and numbers but I'd rather not post them.
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Gary Shelton Responded on 3/22/2010


Hello Chane, I know where you can get the money. However, I have one question. You indicate that you don't want to use your personal credit, what about business credit?
 
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Chane P Responded on 3/22/2010


I don't have any business credit... yet.
 
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Gary Shelton Responded on 3/24/2010


OK Chane, you don't have business credit and you don't want to use personal credit. I assume that you also don't have the money, which tells me that you will need a partner or investor. Based on the little information that I have I'll provide this advice. Every entrepreneur needs to build a solid foundation for there business pursuits. Of paramount importance is to set goals, live within your means, save, invest, pay your bills on time, establish, and maintain excellent personal and business credit. It is my opinion that you need to talk with someone, like myself, that can help you start with the basics. A word of caution,;buying a corporation with $1M+ in bank lines of credit is a buyer beware situation. This would be especially true if you're talking about buying an aged shelf corporation. Why would I sell an established banking relationship that has been built to the point where I can borrow $1M+ for $50k-$75k . In a market where banks aren't lending, I wouldn't. Be careful! I can be reached at 213-858-6612
 
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Chane P Responded on 3/24/2010


I actually already got the help I needed.

The corporation I was talking about isn't an aged shelf corp, but instead one with complete financials and everything it needs such that it was ready to go and get those lines of credit. Banks are lending in this market - its just a matter of being positioned such that they decide to move forward.
 
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