Hey guys, I'm at a dead end and need help. A little background about me that might be relevant: **House A Shkani...
Hi friends, I'm deadlocked and need help. Some background on me that might be relevant:
** House A I bought cash alone and spent HELOC 75k on it
**House B I bought with a friend in cash which is worth 150k and is currently rented for $1650
** House C We bought in cash. Are in the midst of renovations and got stuck without money (we couldn't spend HELOC on House B).
My initial strategy was a HELOC. That is, every property owner must take a 70 percent line of credit and purchase another one. Ummm, now the bank won't approve a HELOC for house B on the grounds that my debt to income ratio doesn't allow it. (I have a 2018 tax return that shows gross income of 52k, net income of 20k since opening the business in August 2018. This year, in addition to that, I have another 2000 dollars a month plus rental property) which means that I have on paper around 6500 per month, how come they don't approve me secured line of credit? Some people earn half of that and have a 300k mortgage.
What am I doing wrong? Does this all happen because I don't have 2 years work history?
Thanks in advance .
@ AdminI am not an expert in the specific field. But why not ask for a loan from another bank?
At self-employed the bank looks at the net income and rental property they only take 75% of the income in favor of your income and all forget that you already have one mortgage and another heloc it is considered debt. You can make refinance assets that you have into llc and then it goes down what your debt is and then you can take out a new loan and everything is fine.
Are you a resident of Israel or the United States? You are welcome to contact us - we work with a large number of banks - and we will check for you a refinance option - feel free to fill in details in the form: https://www.forumnadlanusa.com/מימון-לתושבים-זרים/