Getting HELOC with no income proof on ~$750K worth of homes?

[Chris G.]

Have a question...

Is it possible to get a HELOC or collateralized loan based on multiple SFRs with about $750K of equity without having to provide tax returns and being self employed?
Is this something that would fall into the HML arena and one would have to pay 12%++ and points?

Thanks

[Josh Sterling]

Hi Chris,
It might be possible but I wouldn't hold my breath. I just spent the last 2 weeks calling every bank I could find the number to, looking for cash out refis or lines of credit on about 200k worth of free & clear property. Most banks had no interest at all. I got 3 of about 30 to at least set up an appointment with me. Of the three appointments they were either portfolio lenders or on the commercial side. They all wanted alot of documentation including tax returns.