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your options.

The P&L HELOC uses a 12- or 24-month profit-and-loss statement without supporting bank statements for that income calculation. It still requires income qualification, a minimum 740 credit score, at least two years self-employed in the same line of work, at least 50% business ownership and sufficient equity. The maximum combined loan-to-value is 80%, reducing to 75% at a $750,000 line. The P&L does not need to be audited and may be signed by a CPA, enrolled agent, or tax preparer with a PTIN. Other documentation and underwriting requirements still apply.

No. At least 80% of the approved line must be drawn at closing. The minimum $125,000 line therefore requires at least a $100,000 initial draw before costs and any required payoffs. We’ll compare your actual cash need with the debt and payments you would take on.

This inquiry accepts property reviews in California, Florida, Georgia, Hawaii, Kentucky, Tennessee and Washington. The fixed-rate initial-draw HELOC and home equity investment described here retain their current CA, FL, TN and WA review area. For Georgia, Hawaii and Kentucky, start with the P&L HELOC discussion. Luke must confirm the product, property and state requirements for your scenario; an inquiry is not an approval or a guarantee of availability.

An HEI may be worth reviewing. The program I review can consider scores as low as 500, with tighter equity limits at lower scores. Credit alone doesn’t establish eligibility: state, property value, existing liens, credit history and other requirements still apply.

Potentially. Either HELOC approach or an equity investment may sit behind an existing mortgage if the property’s equity and liens allow it. Some situations require paying off an existing lien. We’ll compare the actual proposal.

Certain non-owner-occupied properties may be reviewed, with different credit, equity and ownership requirements from a primary home. The P&L HELOC caps second-home and investment-property lines at $400,000. Availability varies by product and state; Luke will review your property use, ownership and financing purpose before identifying a path.

Their income documentation, rate structures, borrowing limits and repayment terms differ. The P&L option is designed for eligible self-employed borrowers and uses a profit-and-loss statement without supporting bank statements for that income calculation. Luke will review the APR, fees and written repayment schedule for the available options before you choose.

Your written agreement sets the maturity and any earlier triggering events, such as selling the property. We’ll review the proposed term and permitted payoff options together. Don’t assume every HEI has the same term.

The HEI program described allows early settlement without a prepayment penalty, but the contractual repurchase amount and applicable costs still apply. A future refinance is not guaranteed; it requires its own qualification. We’ll review the written terms before you choose.

No. This website inquiry does not run credit or submit a provider application. If you choose to pursue the HEI, signing its later application documents triggers a hard credit inquiry, which can affect your score. I’ll explain that step before you proceed.

That depends on the actual terms, the amount you receive, how long you keep it, and—for an HEI—the home’s value at settlement. We’ll compare fees, monthly obligations and potential exit amounts. A lower monthly payment is not necessarily a lower total cost.

Tell me what you plan to do and whether work has started. The property’s condition and project timing affect which options are available. The HEI option generally requires a habitable home without active major construction; certain essential repairs may qualify for a limited repair holdback. We’ll review the project before you apply.

Not necessarily. Fees, required debt or lien payoffs, and any approved repair holdback can reduce the cash available to you. We’ll compare the amount you receive with the total loan or investment amount before you choose.

No documents are needed for this first inquiry. If you proceed, I’ll give you a checklist for your situation, which can include identification, mortgage statements and insurance information. The property may also need a valuation, photos or an inspection.