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Creative Real Estate Financing

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Jeremy Brown
Pro Member
  • Real Estate Agent
  • Sandpoint, ID
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HELOC for Self Employed

Jeremy Brown
Pro Member
  • Real Estate Agent
  • Sandpoint, ID
Posted Feb 16 2024, 08:39

Does anyone have any suggestions? 

im looking to get a HELOC on my primary home but I may need a lender who is friendly with Self Employed business owners.

Thank you! 

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Doug Smith
  • Lender
  • Tampa, FL
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Doug Smith
  • Lender
  • Tampa, FL
Replied Feb 16 2024, 09:17

I am not licensed for consumer loans in ID (I can do investor stuff all day long, but not consumer in ID), so I can provide impartial advice. Where I'm based in FL, I get HELOC requests all the time, but I tell them to start with a local community bank (over a big bank or broker like me). They tend to focus primarily on self-employed, operating businesses, so their understanding of self-employed borrowers will tend to be better. Their HELOC rates (not other rates...just HELOCs) will beat what I can do as a broker as well. I tell borrowers if they try and are unsuccessful, to give me a call, but I always have them start with a local, small, community bank. Good luck to you.

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7
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Jeremy Brown
Pro Member
  • Real Estate Agent
  • Sandpoint, ID
3
Votes |
7
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Jeremy Brown
Pro Member
  • Real Estate Agent
  • Sandpoint, ID
Replied Feb 16 2024, 09:28
Quote from @Doug Smith:

I am not licensed for consumer loans in ID (I can do investor stuff all day long, but not consumer in ID), so I can provide impartial advice. Where I'm based in FL, I get HELOC requests all the time, but I tell them to start with a local community bank (over a big bank or broker like me). They tend to focus primarily on self-employed, operating businesses, so their understanding of self-employed borrowers will tend to be better. Their HELOC rates (not other rates...just HELOCs) will beat what I can do as a broker as well. I tell borrowers if they try and are unsuccessful, to give me a call, but I always have them start with a local, small, community bank. Good luck to you.


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User Stats

7
Posts
3
Votes
Jeremy Brown
Pro Member
  • Real Estate Agent
  • Sandpoint, ID
3
Votes |
7
Posts
Jeremy Brown
Pro Member
  • Real Estate Agent
  • Sandpoint, ID
Replied Feb 16 2024, 09:28
Quote from @Doug Smith:

I am not licensed for consumer loans in ID (I can do investor stuff all day long, but not consumer in ID), so I can provide impartial advice. Where I'm based in FL, I get HELOC requests all the time, but I tell them to start with a local community bank (over a big bank or broker like me). They tend to focus primarily on self-employed, operating businesses, so their understanding of self-employed borrowers will tend to be better. Their HELOC rates (not other rates...just HELOCs) will beat what I can do as a broker as well. I tell borrowers if they try and are unsuccessful, to give me a call, but I always have them start with a local, small, community bank. Good luck to you.

Thank you! 

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Jacob Sherman
Pro Member
#4 Private Lending & Conventional Mortgage Advice Contributor
  • 12 Penns Trail Suite 138 Newtown, PA 18940
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Jacob Sherman
Pro Member
#4 Private Lending & Conventional Mortgage Advice Contributor
  • 12 Penns Trail Suite 138 Newtown, PA 18940
Replied Feb 16 2024, 14:05

Yes can definitely get one upto 85% using a 12 month bank statement program 

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Jeremy Brown
Pro Member
  • Real Estate Agent
  • Sandpoint, ID
3
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7
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Jeremy Brown
Pro Member
  • Real Estate Agent
  • Sandpoint, ID
Replied Feb 16 2024, 14:24
Quote from @Jacob Sherman:

Yes can definitely get one upto 85% using a 12 month bank statement program 

Thank you Jacob! Great tip.  

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Jessie Russell
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  • Real Estate Agent
1
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18
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Jessie Russell
Pro Member
  • Real Estate Agent
Replied Feb 18 2024, 09:51

If you need referred to an investor friendly lender I have a great one in the area. I am in Coeur D'alene.

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7
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Jeremy Brown
Pro Member
  • Real Estate Agent
  • Sandpoint, ID
3
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7
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Jeremy Brown
Pro Member
  • Real Estate Agent
  • Sandpoint, ID
Replied Feb 18 2024, 13:36
Quote from @Jessie Russell:

If you need referred to an investor friendly lender I have a great one in the area. I am in Coeur D'alene.


 Thanks Jessie!  I'm always looking for a great local lender. Who do you like?