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    0 Replies Latest reply on Feb 9, 2009 4:24 PM by viciscorp

    Business Line of Credit

    viciscorp Newbie
      I am a commercial real estate consultant and developer. I personally have been in this business for 10 years. However, our corporation is just only 3 years young. The Business Tax return showed negative in 2006 but positive in 2007 and break-even 2008.
      We do 50% business as third party consulting firm to give our clients independent analysis about thier real estate investment (acquisition/disposition). About 35% of our business income is in project management for real estate development projects. And the rest of 15% is in short term investments and loans services.
      There are many of our clients that are first time real estate developers. Therefore, with this down turn of real estate market, many of them are already in real bad shape and failed to pay our invoices. In short, our company is short of cash flow and need a Business Line of Credit for working capital.
      (I was a victim of identity theft so my personal FICO is only at 680 range.) I was denied by Wells, which my business and personal have been banking with, in the last 10 years. Our corporation has history of deposit large amount of money and high balance but Wells shows no interest to loan us anything becasue we are in real estate business even though we are only a third party consulting firm.
      Please shed us some lights and hopes to survive this financial Tsunami. Thanks in advance.