Need a HELOC for bad credit and stated income
Hi,
A friend would like me to be his partner in flipping several houses but his credit is not so good (and is self employed). I will do all the rehabbing. He has a paid off personal residence worth about $80k and I have been paying myself through a S Corp $4k/month for the last 3 months. Prior to me being self employed I worked for a different employer, having made a little over 50k in 2016 and about 30k in 2017 ( my current credit is fair). We are wondering if anyone knows of a lender who can provide a HELOC for our given situation (to have the funds for the down payment on 3 Hard Money Loans). For the HELOC we are open to Hard Money Lenders as well. Any help or guidance would be highly appreciated.