HELOC Low Income - Chicago 4 Unit

[Elias Betondo]

Hello All,

I am looking for any options anyone may have on obtaining a home equity line of credit when tax return income is low.  Due to losses my tax statements don’t look great in a lender’s eyes.

The property I am trying to obtain a HELOC on generates approximately $60,000.00 in gross income per year, has about 200k in equity. I am looking to see if I can put equity to work elsewhere.

Any ideas, or strategies on what I can do? Are there any banks that may work with me? I am not strictly looking for a HELOC, but I would prefer it. Has anyone been in a similar situation?