Need access to a Heloc

[David M.]

My wife and I rehabbed a property 6 months ago and rented it out way above what the mortgage is. Current Mortgage is $460 and the unit rents for $1500. We want to take a heloc out on it to pay back her parents who helped us finance the deal. They were recently turned down for the heloc because the debt to income was 52% and needed to be 50%. Does anybody know of any banks that they could possibly run this Heloc through with?

[Lien Vuong]

Go through commercial lending and they wont care about your DTI as much, just the main income of the property and it's Debt Service Coverage Ratio. Based on the figures you've laid out, you should have no problems getting $ out with this property's performance.