wholesale mortgage lender loan reserves (TLS) on Thursday announced the roll-out of its new home equity line of credit (HELOC) product, which is currently available in 25 states and Washington, DC.
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 used to consolidate debts or finance home improvement projects.
The TLS HELOC has a completely online application process, underwriting system and valuation model. This approach allows The Loan Store to offer same-day approval and HELOC funding in as little as three business days after final approval.
Borrowers receive 100% disbursement of funds, with no closing costs.
“This fast-funding home equity line of credit enables 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 TLS HELOC is designed to provide the smoothest borrower experience possible, such that our broker partners will stay on top of the clients they serve.”
The TLS HELOC can be accessed through the company’s network of wholesale partners, with plans for further expansion in the near future.
By partnering with an approved TLS Wholesale partner, borrowers have the option of securing a line of credit with draw terms of 2 to 5 years, as well as tenors of five to 30 years. There is no pre-payment penalty associated with a 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 loan products.
This content was generated using AI, and is edited and fact-checked by HousingWire editors.
