HELOC Help and Recommendations

[Cian R.]

Hi all,

The below scenario seems unlikely, but is anyone aware of a lender that would provide a HELOC under the following circumstances:

• Property held in an LLC
• Not currently livable – needs new plumbing and electrical
• HELOC based on the value of the property, not the purchase price (purchased less than 12 months ago at a discount)

If not, any other suggestions? The property was purchased with 100% equity. I was looking for a HELOC before taking out a 30-year mortgage in a few months based on the POST-renovation value.

Thanks