Private Lending & Conventional Mortgage Advice
Market News & Data
General Info
Real Estate Strategies
Short-Term & Vacation Rental Discussions
presented by
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Tax, SDIRAs & Cost Segregation
presented by
1031 Exchanges
presented by
Real Estate Classifieds
Reviews & Feedback
Updated over 5 years ago,
Struggling to obtain HELOC
I am looking to take out a line of credit on a property valued at $140,000. I owe less than $80,000 and should be able to obtain a HELOC for just around $40,000. The issue is that I have been working for a private real estate investor being paid in cash and have no legitimate proof of income. Therefore the bank would not grant me the line of credit as they see no way for me to pay it off despite never missing a payment or having a late payment on the property.
I'm now searching for any and all options to somehow make this loan possible. Any feedback is greatly appreciated!