Thomas Kish - Business Line of Credit

[Redtigress]

Honestly don't remember, but I do know I didn't give it.

[TonyDiCorpo]

then they will be calling back and asking for it  :o

banks are very thorough about "who is gonna pay for this if it defaults" when lending money for businesses to begin with, and it's even more stringent with start-ups.  in most cases, they will bypass ur entire business plan and financial prospectus and go str8 for the per credit report to see what ur score is, then they will aske if u have assets to pledge as collateral.  

"I was applying for a business start up loan with only my corp info (doing this at 4 banks)."  see the first statement above

 "Nothing fancy, nothing hidden.  Went to my local credit unions, asked to apply for business loans, filled out the applications and the only thing they asked me was "If you're approved who do we put the attention to on the statements?" also asked was "Who's the head of your Accounts Payable?" Granted this is with a corp, not an LLC or a sole proprietorship.  "  i do not see any lender asking this question for a biz loan/loc, especially if they knew u were a start up.  but then again, i hope i am wrong.  

[jonesy]

I've had the Thomas Kish system and quite honestly I didn't get any money using it. I already had numerous credit lines and credit credit cards. It seemed to me his system involved a whole lot of musical chairs to not really get anywhere quickly.

The point of his system is to line up cash to fund deals.

It might be wise for you to find private money, partners with money, or something else to build up your cash reserves. I spent my time doing deals with various private lenders and after a couple of deals I've found they would make more money available to me for future deals.

So, I accomplished what I wanted to by simply doing deals and being successful at it. Really it only takes one or two private money lenders that believe in you and have had success with you. These private lenders can access so much more cash, so much faster... it just made more sense for me to do what I'm good at and let them figure out how to provide the funds to me.