I am in no way an expert, but I have seen several borrowers take out HELOCs on personal residences and use the proceeds for business purposes. This will usually cost them less in the way of appraisals and documentation costs. These have been considered consumer loans by the lender as the loan is on their personal home and when they take the funds, they can do with it as they please.
That said, I would be interested to hear other opinions.
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