***WARNING*** DO NOT DEAL WITH THESE PEOPLE

[YoungNSoTheySay]

DO NOT DEAL WITH LOU VOCCIA or U.S. BUSINESS LOANS!!!

WE and seperate other investors bought into shelf corporations and tradelines from Lou Voccia and US Business Loans with the promise of being able to get us lines of credit for the use of obtaining capital. US BUSINESS LOANS DID NOT FULFILL THEIR END OF THE BARGAIN!!! They are very unprofessional and everything that we paid for that was said we were to receive was never delivered.

IF YOU HEAR or SEE LOU VOCCIA endorsing U.S. BUSINESS LOANS AT ANY OF YOUR REAL ESTATE INVESTMENT CLUBS, RUN AND TELL EVERYONE THEY ARE ONLY LOOKING TO STEAL YOUR MONEY. THEY ARE BAD NEWS AND HAVE BAD BUSINESS PRACTICES.

I thought I was the only one that got suckered into it, but it turns out that I found many more investors in the same boat and we are looking to spread the word on these guys. If you are also a victim come forward to STOP them in their tracks from stealing anymore money. If I have to write it off as a bad investment I will, but I will take the time and energy to make sure they DO NOT do anymore business here or anywhere else in NY.  They don't only do business in NY, they are nationwide, so watch out.

                  DO NOT DEAL WITH   U.S. BUSINESS LOANS!!!

According to the Better Business Bureau (BBB).

http://www.dallas.bbb.org/WWWRoot/Report.aspx?site=50&bbb=0875&firm=90019954

[fadi]

So you are upset because you got cheated by those you thought will help you cheat the lenders? ironic

[centexn]

fadi..

Weren't these guys representing themselves as another source of money?  I don't understand your critique.

C

[fadi]

From what I understood from his post, he went to them to buy a shelved corp in order to get money from banks under that corp's name and bypass their 2 years in business seasoning.

Banks usually require you to have your corp in business for at least 2 years if you want to apply for a corp loan and not have to qualify personally for the loan. Some companies went ahead and registered corps and kept them on the side for 2 years then sell them.

[centexn]

Thanks very much...

the devil is in the details..

C

[Bluemoon06]

If you are in the real estate business you are actually in the credit business.  Everybody talks about getting into real estate with bad credit.  That is like getting into the taxi cab business without a car.  You can do it but you are missing the point.  You should get your credit fixed and get your own loans.

[71tr]

If you are in the real estate business you are actually in the credit business. 

Right on the money!

[JaredfromIndiana]

If you are in the real estate business you are actually in the credit business.  Everybody talks about getting into real estate with bad credit.  That is like getting into the taxi cab business without a car.  You can do it but you are missing the point.  You should get your credit fixed and get your own loans.

Excellent point Bluemoon!!  Every newbie should read and understand that!! 

[YoungNSoTheySay]

Ok, being a beginner investor I did not realize that looking to get ahead with buying a shelf corp. in order to obtain "creative financing" was frowned upon in the investor world.  Its been almost 5 or 6 months now  and I have learned so much from this expensive lesson. 

For those of you commenting on of me looking to "cheat" the banks, I think you have the wrong  perspective of my intentions.  When I first heard about a shelf corp. being established and seasoned for a certain amount of time in order for companies to gain instant credit and creditability only made so much sense in my mind.  I was told that this is a common practice for larger companies to establish just so they don't have to start from the ground up.  And by doing this the shelf corp was a way for your company to be able to qualify for a larger loan in order to invest and help grow your parent company.

For those of you who are familiar a business has a credit score just like an individual does with their credit and its called a paydex score.  Your Paydex score is also determined by Dun & Bradstreet corp and Experian.  Both companies which report your business relationships with the other companies you have established your credit with (tradelines).  Like a Home Depot credit card is considered a tradeline.  A Paydex score is ranged from 0-100, with 80 being optimum.  The more tradelines you have opened with your business with excellent reports, obviously the better your chances of obtaining a loan.  If your business has been around for 2 or more years and has a paydex of 80 plus then those companies are considered "creme de la crop", hence the shelf corp.  So I was sold I thought to myself who wants to wait 2 years and establish credit while I can get it now and just start investing in deals that I have now.  Why go out and get hard money when this is available at a lower interest rate? 

Was I wrong with these guys, US Business Loans, the average "wait" time to get the shelf corp prepared was supposed to be 45 days, with tradelines established, the 2 years seasoned, and the banks already set up in order for us to obtain a loan.  Nope didn't get the shelf on the 45th day, we got it on the 80th - 90th day.  The 2 years seasoned you can forget about that the company we bought was in existence for only 1 1/2 years, and the big kicker the company isn't even registered with the Dun & Bradstreet!!  You see why I feel cheated, I didn't get anything that I paid for.  Not all companies that are in the business of setting up shelf corp are bad news, just do your research and be patient, things will come to you, you just have to wait.  I'll make that back, in no way am I discouraged from this minor hiccup.

All I want to do is spread the word out there that US BUSINESS LOANS is not a good company to deal with.  THEY ARE NATIONWIDE, BE AWARE!!!

[j1dias]

Not all companies that are in the business of setting up shelf corp are bad news,

Young - make no mistake - buying shelf corp is "bad news". Even if the company selling the shelf corp delivers everything they promised, it is still fishy. My recommendation - don't do it. Period.

I was told that this is a common practice for larger companies to establish just so they don't have to start from the ground up.  And by doing this the shelf corp was a way for your company to be able to qualify for a larger loan in order to invest and help grow your parent company.

Large companies don't need to buy shelf companies because they are already large companies - they are not starting from the ground up... At least I hope they are not, otherwise they wouldn't be considered large companies... :O)

Good luck!

[YoungNSoTheySay]

Thanks, I definitely learned a HUGE lesson  from this one.  Great feedback, by the way!!!

[REProtege]

YoungNSoTheySay,

Shelf corps were used in the past to give more credibility to a business but as of now there bad news and lenders look at the date of the 1st business transaction as opposed to the incorporation.

Despite the company age being a factor to securing financing you need a full profile right now in this market. BLOC are attainable within a year but you need to have a healthy business profile. (Acct Rating, 411 listing, office, Great credit etc)

Im in the process of doing this process. I'll keep you updated on the details.