HELOC in Puyallup / Tacoma WA

5 Replies

Hey guys. I have almost 50% equity in a property I own in Puyallup, WA. We have been flipping full time for a year now. Because we don't have a W-2 job or two years of self employment history we can't cash out refi.

Does anyone know of a local bank in Puyallup or Tacoma WA that will do a HELOC on an investment property?

Thanks

In certain circumstances, the lender can approve the loan with only 1 year self employment. Talk to your local lender that does Fannie Mae loans and see if they will allow this. If they don't, its most likely that, that particular lender has overlays and because of that they don't allow it? Keep talking to lenders to see if they have overlays or not?

@Dan Krupa Hey Dan, I feel your pain with the tightened lending regulations traditional lenders have with self employed individuals. Because of this gap period, perhaps a bridge loan would help accomplish this goal - as current asset value carries more weight than income verification with these types of loans.

As a direct lender, we offer bridge lending programs (1-3 years) with the ability to cash out refi up to 65% of value in as little as 5 days if you are seeking to access funding for more projects. Message me for more details if this seems of interest.