HELOC on Rental Proterties

[Brooklyn Taylor]

My banker asked me to put together a P&L in order to qualify for a HELOC I am applying for on 3 of my rental properties to fund a flip. I am curious if anybody has prepared one of these and has a template to go off of? I am curious if I am missing any line items on the expenses.

[Brittany Minocchi]

Quote from @Ali Nichols:

Following this because I've had a hard time finding anyone who will HELOC on an investment property.

If it's a single family property and not in an LLC, there are a couple lenders I know of that'll do HELOCs. Otherwise, you should have better luck with a closed end second (HELOAN). Multiple lenders doing those with various types of income verification (full doc, DSCR, bank statement).