Bank Statement Heloc on Primary

Bank Statement Heloc on Primary

Providence, RI · Member since 2018 · 81 posts · 25 votes

Are there any lenders offering HELOCs for small business owners who primarily use bank statements to qualify, especially those with write-offs? The credit score is around 720, and the property is owner-occupied, which might simplify the process. Any recommendations would be greatly appreciated!

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  • Lender · CA · Member since 2018 · 638 posts · 393 votes
    2y

    We may have that option.  I know we have bank statement HELOANs for sure.  What is the leverage you are looking to get?

  • Stephen CacedaBusiness Member
    Lender · 33014 · Member since 2018 · 29 posts · 7 votes
    2y

    Yes Helocs using bank statements absolutely do exist. I have access to it with a few of my lenders. 12 or 24 month bank statements, 15-30 year loan terms.

    Simplified Capital LLC520 Reviews
  • Providence, RI · Member since 2018 · 81 posts · 25 votes
    2y
    Quote from @Stephen Caceda:

    Yes Helocs using bank statements absolutely do exist. I have access to it with a few of my lenders. 12 or 24 month bank statements, 15-30 year loan terms.


     Who do you recommend I call? 

  • Providence, RI · Member since 2018 · 81 posts · 25 votes
    2y
    Quote from @Clayton Silva:

    We may have that option.  I know we have bank statement HELOANs for sure.  What is the leverage you are looking to get?


     I am looking to tap some of the equity. Right now it is about 50% equity and I would like to access 20-25%

  • Kerry BairdPro Member
    Rental Property Investor · Melbourne, FL · Member since 2011 · 3k+ posts · 2k+ votes
    2y
    Have you inquired at your local community banks and credit unions?  That would be an amazing place to start and build banking relationships.
  • Derek BrickleyBusiness Member
    Lender · Ann Arbor, MI · Member since 2021 · 690 posts · 236 votes
    2y

    Hey Chris,

    Yep that is pretty standard to do, feel free to reach out if we might be able to help.

    Gold Star Mortgage Financial Group547 Reviews
  • Lender · Nationwide Lender / Novus Home Mortgage, a division of Ixonia Bank / NMLS #423065; Craig Warner / NMLS #129642 · Member since 2024 · 78 posts · 15 votes
    2y
    Quote from @Christopher Lynch:

    Are there any lenders offering HELOCs for small business owners who primarily use bank statements to qualify, especially those with write-offs? The credit score is around 720, and the property is owner-occupied, which might simplify the process. Any recommendations would be greatly appreciated!

    Yes, easy request.
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