New Features Include $1 Million Maximum Loan Amounts, LLC Title Vesting, Availability in Texas, and Minimum 620 Borrower Credit Scores
CHARLOTTE, N.C.–(BUSINESS WIRE)–#HELOC—Deephaven Mortgage LLC, a leading non-QM lender, has enhanced its Equity Advantage HELOC to expand its wholesale and correspondent partners’ sales advantage in the equity products market.
New features of this first- and second-lien digital HELOC include:
- A maximum loan amount of $1,000,000, up from $500,000, with the minimum remaining at $50,000
- LLC title vesting for investment property owners
- Product availability in Texas* adding to 44 other states
- Allowance of co-borrowers. Co-borrower minimum credit score is 620
- 2.50% lender-paid compensation on the full line amount
“In a robust HELOC market, these changes empower our partners to meet the needs of more borrowers with flexibility and agility,” said Tom Davis, Chief Sales Officer, Deephaven Mortgage. Davis characterized the level of current demand as a “generational opportunity” given a confluence of factors, from the record equity strength among American homeowners to projections of $600 billion for home renovation spending this year.
The Equity Advantage HELOC offers an alternative route to liquidity for borrowers. These include self-employed borrowers who do not qualify using traditional income documentation. Deephaven Mortgage offers manual 12-month personal or bank statement reviews as a qualification option.
Other potential prospects include free-and-clear borrowers who need cash to renovate or fund a goal, or homeowners who want to access liquidity without disturbing their current low-interest first lien.
Deephaven has designed the lending process for efficiency and support, with AVM options, a Quick Pricer for scenario evaluation, and a full appraisal for second-lien transactions at borrowers’ request. The lender provides the processing, underwriting, title, closing and funding.
For more information, please contact Davis at [email protected].
About Deephaven Mortgage
Founded in 2012, Deephaven led the creation and development of the non-QM/non-Agency mortgage market and makes its loans available through mortgage brokers and loan officers, in addition to buying loans from correspondents. For more information, see deephavenmortgage.com.
*Texas-Primary Residence only-maximum 80% LTV/CLTV for first- and second-lien position.
Contacts
Dawn Ringel, Incenter Marketing
617-285-0652; [email protected]
