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Jason, I have written a post about this topic on my blog. The company that I reviewed is B2B Credit Source.

Is this the company offering you this service?

You can read my thoughts on this company here:

http://www.growthcurveservices.com/blog/2008/10/b2b-credit-source/

In terms of buying a shelf corporation, however, there's nothing illegal about it. Only you can decide for yourself, though, if this is worth paying $17,000 for. Personally, I do not.

Thanks Growth,

That is all good info. I had figured as much myself but thought I would get additional opinions on it. I had never heard of such a thing and at first it seemed quite enticing but not so much anymore.

Thanks again.

Yes it was that same company. Also just for kicks I requested a copy of the paperwork I would need to sign and when I got it I found that it contained the following condition.

3. Potential for Additional Fees

When lines of credit are approved by a financial institution in favor of Customer, Customer will be responsible for paying an additional compensation to either the funding source or broker that arranged the funding. The range of these fees could be as low as 5% of the funded amount and as high as 30% of the credit line limit(s) acquired ("Success Fee"). The Success Fee shall be paid within five (5) business days, each time a credit line is activated by the financial institution while this Agreement is in force. For example, if two lines of credit are approved, one for $100,000 and another for $200,000, Customer shall pay a fee equal to the amount of $30,000 if the agreed Success Fee was 10%.

So basicaly it would cost me 47K + 9-13%int to borrow 300k. Talk about Juice Money!

Thanks.

Hi Rob,
I never did do anything w/ it. If you read the previous posts you will see that is it quite expensive, both upfront and if they gat an approval. I have not ruled it out completely but at this point is just a little too much money to gamble (17k). Also I just can not get my mind around how a bank would approve a business loan for a company that has no visable stream of income. In the end I would have to put up 17K that is non-refundable w/ no guaranty of approval and I did not want to risk it because i am not in dire need of the money. They do offer the option of financing that money but I was not interested in that. Read the few previous posts because I went in to some details about additional fees, it is expensive but from what I have heard those fees are the norm. I will say however that I was wrong about the interest rate, it is not 9-13%, it is more like Prime + 5% (so max of about 9% right now). The compay is called B2B Credit Source you can find them online easily (I replied to a junk email from them). I spoke to a lady by the name of Neema at 800-906-7706 x 218 she answered my questions pretty well but I don't know too much more because I never really began the process.
Good Luck - If you go ahead please let me know how it goes.

Jason,

Please explain how you have ironed out the flaws?

Thanks

Rob,

I would like to check it out. Can you email it to me at jws1935@yahoo.com?

Thanks

i am interested mbailey@thedirecttvguys.com