Recently Funded - HELOC - Mortgage & Line of Credit

Recently Funded - HELOC - Mortgage & Line of Credit
TWT Recently funded $1.6M HELOC.
A HELOC is a home equity line of credit.  However, just because we put a HELOC in place doesn't, doesn't mean its all line of credit.
In this particular circumstance our client qualified for a total limit of $1,600,000 in lending.
The actual required mortgage for closing was $800,000.  We secured a rate of 1.40% for a 5 year variable mortgage and the placed the remainder of the capital in a line of credit with a rate of prime plus 25bps.  
Our client ended up with 50% of the total lending in a mortgage with industry low rate and the remainder of the limit in authorized credit for future use. The mortgage is principal and interest and the line of credit is interest only and paid only on funds used.
Having access to multiple lenders allows us to get lenders competing for your business. on top of the HELOC facility we provided cash back on closing to support closing costs.
Its a misconception that a HELOC is simply a line of credit. Our HELOCS allow clients to place up to 65% of the home value in a line of credit and up to 80% of the home value in total lending. In some circumstances we have larger lines of credit and at other times we have larger mortgage components and from time to time we have the entire facility set to a line of credit.  The flexibility of these products is what makes them unique, creating multiple segments or products under one lending solution.
For more information on setting up a HELOC or considering for your next purchase, refinance or renewal, contact
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