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William Morgan
  • Fix & Flip or Hold
  • San Luis Obispo, CA
61
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135
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Financing Question

William Morgan
  • Fix & Flip or Hold
  • San Luis Obispo, CA
Posted Apr 9 2015, 16:13

A business partner of mine has participated in few flips with me. He wants to unlock the equity he has in a duplex that he owns free and clear. A problem he is encountering is his income will not support a loan he is seeking (an ELOC on a NOO). He is retired with a few rentals but the income they generate isn't enough for him to get the credit line he is seeking.

He has ~800 FICO

He also has a willing cosigner with w2 income/good credit but he doesn't want him to necessarily go on title.

Any lenders or those familiar know of how he can best access his equity, preferably with a line of credit secured by RE? He likes a ELOC for it's low cost and cash like flexibility.

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