Howdy y'all ! Question about HELOC

[Andrew S.]

Hello I'm new here . My home is paid for worth Around 425k and I'm trying to get Financing to build spec home . Great credit score but show a lower income. I'm a general and electrical contractor self employed for 12 years . I have access to lots normally selling for 25k for 15k . 3 new spec homes just sold in the the Neighborhood this month for 170-178k that cost 125-135k to build . I can do all of the build with my crew and possibly make 45-50k on 1 spec home in 4 months . The bank wouldn't give me a construction loan because of debt to income. My Only debt is 2 vehicles . So I was wondering if I could get a HELCO with low income ? I have a pretty good savings but want to keep that on hand . I also have a parcel of 6 acres paid for . Thanks