Financing Question
A business partner of mine has participated in few flips with me. He wants to unlock the equity he has in a duplex that he owns free and clear. A problem he is encountering is his income will not support a loan he is seeking (an ELOC on a NOO). He is retired with a few rentals but the income they generate isn't enough for him to get the credit line he is seeking.
He has ~800 FICO
He also has a willing cosigner with w2 income/good credit but he doesn't want him to necessarily go on title.
Any lenders or those familiar know of how he can best access his equity, preferably with a line of credit secured by RE? He likes a ELOC for it's low cost and cash like flexibility.