Looking to obtain HELOC's on out of state rentals
I reside in NY where I have my primary home and have (3) rentals in SC. I recently applied for a HELOC's on my primary residence in NY and(2) of my out of state rentals via TD Bank and was denied on all (3) due to debt/income ration being over their guideline of 40% - I am at 67%.
I have $25k in credit card debt on (3) cards at 0% that I can pay off if need be but from what the underwriter explained, the reduction in monthly payment would not be enough to get me under the 40% debt/income guideline for TD. Basically I need to show more income or have lower mortgage debt; neither of which is immediately feasible.
The big bank mortgage holders (Chase / Guild) for my primary and rentals either don't do HELOC's or denied me due to debt/income being too high.
My credit score is in the 780's
I earn $175k+
$75k equity in primary home in NY
$125k in equity in each of the (2) rentals that I'd like HELOC's on in SC - I've managed to get a HELOC on the 3rd as its second home
The purpose for the HELOC's is to purchase multiple BRRRR properties.
Need to find a lender that can help me obtain HELOC's on my primary in NY and my (2) rentals in SC.
Any and all suggestions are greatly appreciated - THX in advance