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Updated over 3 years ago on . Most recent reply

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12
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3
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Wes L.
  • Investor
  • Texas
3
Votes |
12
Posts

Self-Employed Rejected on Cash-Out Refi to finance rehab

Wes L.
  • Investor
  • Texas
Posted

I'm looking for other financing options to tap home equity.  We were rejected on a conventional cash out note (with our current lender we've had for 10 yrs) for not having enough net income, due to our being self-employed.  We are trying to finance 2 rehab projects (we own out right) and have more than enough equity in our primary residence but cannot tap it.  Any advice would be appreciated. 

Most Popular Reply

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2,871
Posts
2,501
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Rick Pozos
  • Wholesaler, Rehabber and Landlord
  • San Antonio, TX
2,501
Votes |
2,871
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Rick Pozos
  • Wholesaler, Rehabber and Landlord
  • San Antonio, TX
Replied

Credit cards, line of credit, family or friend who can put a 2nd on your house for the 10k or 20k that you need. Or apply for one of those credit cards that have 12 months no interest.

Maybe you can NOT refinance the house, but just get a heloc on the equity.

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