Updated 2 months ago on . Most recent reply

Lenders for HELOC on LLC-owned property w/ self-employed income?
Own a single-family property in Denver, CO area outright (cash purchase previously) in an single-member LLC and needing to setup a HELOC to access equity in the property intermittently to fund other real estate investments on a short-term basis. Existing tenant in moving out in ~1 month and may convert use to primary residence or retain as SFR, but TBD. Recently went from W2 to self-employed (income still ramping up) too.
Any direction on what lenders offer HELOCs for this situation, or alternative ways to accomplish the same thing?
Additional details on property and situation below:
- - Property Value: ~$1.5-1.6M
- - Existing Debt on Property: $0 (100% equity)
- - HELOC Amount: ~$500k-$700k / 30%-50% LTV
- - Ownership: Single-member LLC (need to keep property in LLC structure)
- - Property Use: TBD if primary residence or SFR - existing tenant moving out in ~1 month
- - Income: Self-employed (little income so far due to ramp-up period, significant cash reserves and other non-real estate assets however)
Appreciate any guidance and direction on this!