Inquiry on getting a HELOC
I'm interested in getting a first lien HELOC on one of my investment properties (i.e., I don't live in the house). I plan to use the line of credit to invest in other properties.
The house is worth $246K and I owe only $100K, so my equity is $100K+. The HELOC would replace my mortgage, so it would be for $100K.
I have a great profile. My credit score is 800+ and I have a decent net worth from my investments. However, I am self-employed (own an IT company) and have erratic income. For example, I don't have any W2 income from last year because I left it in the business for R&D.
I'm providing all of this info beforehand so that interested lenders could perform a quick litmus test to determine whether I may qualify for a HELOC with their company. If anyone would like to discuss things further, feel free to send me a private message.
Thanks,
Kareem