Personal HELOC on primary for down payment on commercial
So the short story is this, I am a CPA and am self employed, and have a full time job, I also have a food business with my wife that requires a kitchen, which we are currently renting. (I have never borrowed on or owned commercial property). Can I use funds from my HELOC on my primary as the down payment on my commercial loan for a building that has a kitchen? The businesses cash flow more than enough to cover the loan payments so I don't expect an issue there.
For bonus points, anyone have a referral for a lender in FL they have actually dealt with?
Most Popular Reply
Yes! i love the heloc and used it before as a downpayment on a property. The bank will love you even more as you will be the owner/occupier of the real estate which is less risky for them.