Updated over 2 years ago on . Most recent reply
Need creative ideas for a loan
Hello, I recently started a property management company and currently manage around 80 properties. I also have a rental property that is paid off and in my name. I would like some capital to fund my bank account and pay off some personal debt as I take on this new venture. However, without having W2s or 2 years worth of tax statements for my business, I'm having trouble finding a loan. I initially tried a HELOC so I can pull that line of credit when paying contractors, etc. However, I'm struggling to find anyone to do a HELOC with an investment property. I tried for a second mortgage but couldn't qualify without paystubs and income. Am I missing something? It's frustrating to own a house with 100% equity and there's no way to pull that money or use it as collateral.
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I have been happy to use DSCR mortgages in a similar situation. They are also how you do financing in an LLC. However, maybe First Midwest is still doing HELOCs on rental houses. Give them a call. Navy Federal CU, Figure, Signature FCU, Quorum FCU, US Bank have done them on rentals in the past.