Can I get a HELOC after I get my SBA loan approved?

by a searcher from University of Pennsylvania - The Wharton School

7 months ago

I'm using my home as collateral for my SBA loan and have been informed that I won't qualify for a HELOC after closing on the SBA loan. Is this true? Should I consider obtaining the HELOC before closing on the SBA loan?
Thanks!

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8 comments

lender from University of Missouri - Columbia

In addition to the above, you also want to make sure you have heloc in place well in advance of applying for a loan. There is a 90 day lookback so if you try and get a HELOC right before closing the SBA loan could be put in jeopardy

7 months ago | like reply | 0 likes

searcher from Baylor University

Yeah you must get the HELOC prior to applying for SBA. You will never regret doing it, Also, I'd recommend getting a new business card and new personal card that have 0% APR for the first###-###-#### months prior to applying for SBA. Then call the bank and have them raise your credit limits after a couple months. Not saying you need to use them or max them out irresponsibly, but trust me: when you actually need the cash you will not be able to get it. Stack options and your future self will thank you.

7 months ago | like reply | 1 like

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