Gershman Mortgage, Truss Financial Group launch separate HELOC offerings
Gershman launched a 5-day HELOC up to $750,000, while Truss introduced a DSCR HELOC up to $1 million for investors.
Two mortgage companies, Gershman Mortgage and Truss Financial Group, have recently introduced new Home Equity Line of Credit (HELOC) offerings that cater to different borrower needs. Gershman Mortgage's HELOC allows borrowers to access funds up to $750,000 in just 5 days, which can be beneficial for homeowners who require quick access to cash for renovations, debt consolidation, or other expenses.
Truss Financial Group's new HELOC product, on the other hand, is specifically designed for real estate investors. This product allows borrowers to access up to $1 million in funding, with the debt service coverage ratio (DSCR) used to determine eligibility. This type of HELOC is particularly useful for investors who want to tap into the equity of their rental properties to fund further investments or cover expenses.
As the interest rate environment continues to shift, it's likely that we'll see more lenders introducing new HELOC products to compete for market share. For Lodge homeowners and investors, it's essential to carefully evaluate the terms and conditions of these new offerings and compare them to existing products. What's next to watch is how these new HELOC products perform in the market and whether other lenders will follow suit by introducing similar offerings.
Originally reported by housingwire.com. LodgeNews adds analysis for real estate & property readers.