Applying for a HELOC with an investor friendly institution

[Matthew Barbaccia]

Hey BP peeps,

When seeking a HELOC, does anyone know of a financial institution that works well with clients that lack W2 income? Most if not all of my income appears on my Schedule E as rental income from a college rental portfolio that I self manage. I have 3+ years of rental history with these income streams. I recently bought a primary residence all cash and would like to put a HELOC on the property to use as a revolving line of credit for various real estate projects I am working on. If anyone has any recs, I'd greatly appreciate it.

Many thanks!

-Matt

[Ryan Konen]

Hey there! For HELOCs without W2 income, look into local credit unions or community banks, as they often have more flexibility with alternative income verification and rental portfolios. Some lenders specialize in asset-based lending, considering rental income on Schedule E, especially if you have strong rental history. You might also consider lenders like Velocity Mortgage or LendingOne, which cater to real estate investors.

[Matthew Barbaccia]

Sounds great Ill look locally first thanks Ryan