I have a variety of helocs available. Whether in a LLC or not. Up to 8 units. So, I recommend doing this first.
These are mostly automated helocs. Soft pull to check your rate, automated appraisal, no title, insurance and the whole mortgage nonsense.
1) Heloc Link 1
make sure to put in gross household income, you your wife etc and include all deposits from all bank accounts even investments.
https://heloc.loanfactory.com/account/heloc/register?referrer=d28a174d-71f5-4d76-b4f3-13d5233b0ae4
Pros
1-4 units
Close in 5 days
On the cheaper side.
Close in LLC or Personal Name
600+ FICO Experian 2 for primary
700+ FICO Experian 2 for Investment
600+ FICO for personal bank statements
680+ FICO for business bank statements
No appraisal (Uses a Automated Valuation Metric -AVM)
No Insurance
No Title
Cons
Valuation may be lower
May not connect to TD Bank, Fidelity, and may not find all income.
If your credit is locked or has some fraud thing, they will try to call once or twice and if you don’t answer, they will deny the application
You have to take 100% of the draw upfront
2) If Heloc 1 doesn’t work, try this.
Heloc Link 2
https://accessheloc.com/invite/loan-factory-inc./joshua-dan/signup
Pros
Close in 7 days
600+ FICO Experian 8 for primary
680+ FICO Experian 8 for Investment
600+ FICO for personal bank statements
680+ FICO for business bank statements
No appraisal (Uses a Automated Valuation Metric -AVM)
No Insurance
No Title
May get higher valuation than 1
Less Automated than #1
Cons
More expensive than Heloc 1
Cannot close in LLC
May not connect to TD Bank, Fidelity, and may not find all income.
You have to take 100% of the draw upfront
3) I have other options.
Lower fico
DSCR up to 8 units and 65 LTV in NJ,FL,CT and 75 in all other states.
no income with 700+ fico
Construction HELOCS which go based on the After Repair Value (The Future Value of the house)
But it takes 3 weeks. Like a regular mortgage. Some do a BPO, others an AVM, others a full appraisal.
If you have any questions call or text me at 347-794-1592