Updated about 5 years ago on .
HELOC with business partner?
Hey BPers. I purchased my first investment as a house hack last year with a business partner. We are considering opening a HELOC. Curious if anyone has any experiencing managing a HELOC with a business partner, and if you have any advise, warnings, etc? We will be moving out at some point and renting the entire property; each likely moving in our own directions with future investments, but both wanting to utilize the HELOC for these investments (e.g. down payment, renovation, etc). It's easy enough to split the credit line by ownership percentage, but if one party uses more, and/or doesn't make their payments, the other party's credit gets hit and ownership gets put in jeopardy. From what I have been told by lenders, it is not possible to set up separate LOCs since they are tied to the property. Has anyone experienced otherwise? Thanks for any advise!