All Forum Posts by: Ana Huffer

We got approved but with the condition that we had to show tax returns. We couldn't just use bank statements. So no HELOC for us.

We have our accounts in a credit union. I spoke with our contact there and he said they could do it. We are in the process at the moment. Should be done soon! We have excellent credit and low debt so I think that helped. 

We'd like to get a HELOC to be able to have money to put down with a HML in order to be able to purchase a property to fix and flip.

We have about $150k in equity in our personal home.  We have credit scores in the mid-700's and low debt.  However, we are both self-employed and take all possible deductions so income does not show to be very high.

Does anyone do stated income, no doc or low doc HELOC's?

I spoke with them today and they told me the same as you @Christina Shackleton  I'm really considering using them. As I see it, it's like getting a line of credit. Maybe I'm missing something? Christina, did you work with them? if so, how has it gone so far? Would you recommend them?

I see conflicting information on various pages. Some people advise not to go to a HML until you have a deal, but you can't get a deal without a proof of funds letter. Other people advise to speak with a HML before you have a deal. Which is it? I've seen some posts that say HMLs won't even speak with you if you don't have a deal to present. So what is the best way to go about this?

Has anyone used Gorilla Capital to fund their fix and flip deals?  Their program seems favorable but I'd like to hear some feedback, if possible, from current and/or prior users.  Thanks!