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.
Gershman Mortgage and Truss Financial Group have recently introduced new Home Equity Line of Credit (HELOC) offerings, catering to different borrower needs. Gershman's 5-day HELOC, with a maximum limit of $750,000, is likely to appeal to homeowners seeking quick access to funds for home renovations or repairs. This swift processing time can be particularly beneficial for construction projects that require timely financing.
Truss Financial Group's new DSCR (Debt Service Coverage Ratio) HELOC, capped at $1 million, targets real estate investors. By considering the property's income-generating potential, Truss's DSCR HELOC provides an alternative financing option for investors looking to tap into their properties' equity. This product can help investors fund new construction projects, refinance existing properties, or cover unexpected expenses.
As the construction industry continues to navigate economic fluctuations, these new HELOC offerings can provide valuable financing solutions for homeowners and investors alike. To watch next: how will these new products perform in the market, and will other lenders follow suit by introducing similar HELOC offerings? Additionally, it will be interesting to see how borrowers utilize these funds for construction-related projects and how this impacts the overall construction market.
Originally reported by housingwire.com. ConstructionNews adds analysis for real estate & property readers.