Wholesale lender’s goal is to set new standard for speed and simplicity
TUCSON, Ariz., June 22, 2023 — The Loan Store (TLS), a rapidly growing national wholesale mortgage lender, today announced the launch of its new Home Equity Line of Credit (HELOC) in 25 states and Washington, D.C., available through its network of wholesale partners. The company plans to expand the list of HELOC-eligible states in the coming months.
The TLS HELOC delivers borrowers a fully online experience, with an automated application process, underwriting system and valuation model that enables The Loan Store to provide same-day approvals and fund a HELOC in as soon as three business days following final approval. Borrowers receive 100% disbursement of funds at closing, with zero 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 Loan Store’s HELOC product is a standalone, fixed-rate line of credit that enables eligible borrowers to access $25,000 to $400,000 of their home’s equity to consolidate debts or fund home improvement projects.
By working with a TLS-approved partner, borrowers can obtain a line of credit with either a 5-, 10-, 15- or 30-year term and 2- to 5-year draw terms, while maintaining at least 15% equity in their home. There is no pre-payment penalty. It is available on single-family residences, townhomes, planned unit developments, condominiums, secondary homes, and investment properties.
