Self Employed Looking for HELOC - $2 Million in Equity

[Donny Adams]

Hey BP!!! 

I've been listening and lurking on the forms for a little over a year and love the content and the community.  I am here today to hopefully gain some guidance on what to do and how i should move forward... 

I am currently looking to obtain a HELOC on our primary residence. We own it free and clear and want to start tapping into its equity. My long term goal/thoughts are to get a HELOC with a line of credit between $500,000 -$1,000,000 to fund single family , multi family and new construction projects.
The current market value is at $2,000,000 which at 80% would give us around 1.6 Mill of max purchase power, so I know my LTV would be low.

The problem I'm running into is that we are self employed and enjoy the tax deductions, and banks want 2 year tax returns. Is there a bank that will work with self-employed clients and offer a HELOC ?

If not, then what do I do ? does it make financial sense to bite the bullet the first time and pay more to uncle same and get the financing? 

or am I missing a better strategy ? 

I look forward to your guys thoughts.

Cheers