How to get a HELOC on a multifamily?
HI my name is Vinent, I like to know how to get a a HELOC on a multifamily. This is my problem, I had a bankruptcy over 4 years ago. I purchased the property with the help of my parent 2 1/2 years ago. They loaned me the money and paid cash for the property. I completley rehabed the entire property and the property appreciated over 50%. There is no loans on the property, the property has a rental income of 3,500 a month and a bank won"t even consider me for a HELOC. I would like to borrow only 50% of the valure to try and find another one. Any suggestions would greatly be appreciate.