Home equity lines of credit are nothing new in the residential prime lending space, where we do significant business. However, when it comes to private channels, traditional funds require full advancement at closing, accumulating interest from day one and require monthly payments. Unfortunately, you cannot prepay unless you're paying off the entire loan, which means you lose the ability to re-advance those funds.
Moreover, with most private lenders, the setup fee is charged annually upon renewal, resulting in multiple fees over the life of the loan. In contrast, our Home Equity Lines of Credit offer a significant advantage. The setup fee is charged only once and allows you a term of up to 5 years. This means that during this period, you can fully utilize the facility, make partial payments, pay down your balance, and re-advance funds as needed—all without incurring additional charges.
Additionally, depending on the purpose for which you’re using the capital, you may even be able to deduct the interest paid (please consult with an accountant for specific guidance). This flexible and cost-effective solution empowers you to manage your finances more efficiently.
Our Home Equity Lines of Credit in both 1st and 2nd positions with NO GDS/TDS
requirements and NO SLIDING SCALE! ๐
This is an excellent option for those looking for:
Business lines ๐ผ
- Debt consolidation ๐ณ
- Investment opportunities ๐ฐ
- Flexible revolving credit lines ๐
Key Features:
- Pay interest only on the amount you use ๐
- Fully open with interest-only monthly payments ๐
- Maximum LTV: 75% ๐
- No minimum FICO required ๐
- Revolving limits up to $2+ million with no sliding scale! ๐ต
- Significant terms of 1-5 years โณ: If a client takes a 5-year term, they only pay the setup fee in year one! Unlike other private lenders that charge a renewal fee
- Online portal for same-day access to funds ๐ป
- Unlimited no-fee transactions ๐ซ๐ธ
- Available for residential and rental properties (no premium on rentals) ๐
- We lend in most areas in Ontario! ๐
For more information, feel free to reach out! scott@thewestlaketeam.com