@Mark Adler Right now there are not many options to get a HELOC as self-employed. The challenge is banks want income verification, which is typically the last two years of tax returns. If you cannot show income from your new business that is consistent in the last two years, it will be very difficult to get a loan, especially a HELOC.
However, there are other options that I have used in the past.
1. Community banks - Many times if you work with community banks they are more likely to count your rental income in full as business income and you can use that to get the HELOC. In the Philly area there are a number of community banks. Here are a couple you can look into: Washington Savings Bank, Huntingdon Valley Bank, United Community Bank, and Key Bank. I have contacts a couple of them Huntingdon and Key if you need intros.
2. Business unsecured credit - You may be able to get unsecured credit for your business, assuming you have had it for at least two years in business. Key Bank, Santander and Wells Fargo all have programs. I can intro you to people at those as well.
3. Personal unsecured credit - The easiest way to get credit is personal unsecured credit. This is like using personal credit cards to finance your business. You do not need income verification and you high credit score could help. However, it is very complex to understand all of the banks to go to and who will approve you. There is a company I am working now with called Seed Capital that helps you navigate through this process.
Feel free to send me a direct message if you have further questions or could use an introduction. Best of Luck.
