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Updated almost 7 years ago on .
Getting a HELOC on a rental to buy an existing business?
Hi, new member here and I'm not sure if this is the right subforum to ask this question, but here goes.
I own a condo worth about 350-400k and owe 105k. I've been renting it out for the past 6 months and about to renew the lease for another year.
I haven't worked for about a year, and my monthly income is just from the rental: $2,000/month and credit score is 800.
I've been traveling abroad from the USA and the rental income has been enough to sustain this nomadic lifestyle and cover mortgage as well, but I would like to come back and purchase a turn-key coffee/cafe shop. I have about a decade of experience in food&beverage and would like to ask a bank for a HELOC for around $100k. Shop itself would only cost about 40-60k.
Would any banks be willing to do this? Thanks for your time.