OfflineHope someone can advise me.
Situation - Have over 100k in equity, some assets, good credit, little debt but am unemployeed. Was layed off in August.
Want Home Equity Line of Credit to fund a flip but have not been able to obtain due to no income.
Is this obtainable and by what types of lenders?
Thanks so much
__________________
It is frustrating when you have the right history you are still penalized for other's mistakes even though you are trying to do the right thing! Here is a thought. Do you want to renovate and flip consistently or just the one time? If ongoing set up business through legal zoom and a business plan to present to the bank(s). Offer assets as collateral if you can. But research the not mixing of personal and business $$ if you set up an LLC. There are some rules that I do not understand and I tend to be literal (which often leads to being wrong- another story) I am still trying to find other's money to build capital. I would appreciate feedbeck if this works so PM me
Theresa
get a Hard Money Lender to fund your flips. There are HMLs out there that DO NOT require income to fund deals. They look at the property that you are buying and what your plan is for that property. Even though you wouldn't need the good credit, equity, or assets IT IS a major plus and can find more HMLs that do require these things. Google Hard Money Lenders in your area and start calling them to find out their requirements. I say your area because I think local HMLs work much better and easier.
Good Luck, Ron