Wholesale mortgage lender The Loan Store (TLS) announced on Thursday the roll-out of its new home equity line of credit (HELOC) product, which is currently available in 25 states and Washington, D.C.
The Loan Store’s HELOC product is a standalone, fixed-rate line of credit that allows borrowers to tap into the equity of their homes, with credit lines ranging from $25,000 to $400,000. These funds can be utilized to consolidate debts or finance home improvement projects.
The TLS HELOC has a fully online application process, underwriting system, and valuation model. This approach allows The Loan Store to offer same-day approvals and HELOC funding in as little as three business days after final approval.
Borrowers receive 100% disbursement of funds, with no costs due at closing.
“This fast-funding home equity line of credit will enable our broker partners to get in front of more borrowers by providing a HELOC opportunity that is more convenient than a traditional HELOC,” said Phil Shoemaker, CEO of The Loan Store. “Everything about the TLS HELOC is designed to provide the smoothest borrower experience possible, such that our broker partners will remain top of mind with the customers they serve.”
The TLS HELOC is accessible through the company’s wholesale partners network, with plans for further expansion in the near future.
By partnering with an approved TLS wholesale partner, borrowers have the option to secure a line of credit with terms ranging from five to 30 years, along with 2- to 5-year draw terms. There are no pre-payment penalties associated with the TLS HELOC, and this financing option is available for single-family residences, townhomes, planned unit developments, condominiums, secondary homes, and investment properties.
The Loan Store, Inc. was founded in 2019 as a wholesale mortgage company with a focus on offering competitive rates across its conventional, jumbo, VA, and non-QM lending products.
This content was generated using AI, and was edited and fact-checked by HousingWire’s editors.