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Gershman and Truss roll out new HELOCs to tap existing equity
Gershman’s standalone 5-Day HELOC can fund up to $750,000 for owner-occupied homes in as few as five business days, while Truss targets investors with a DSCR HELOC up to $1 million using rental cash flow rather than personal income.
HousingWire reports that Gershman Mortgage and Truss Financial Group have launched separate home equity line of credit products designed for borrowers who want to access accumulated equity without refinancing low-rate first mortgages.
Gershman introduced a standalone “5-Day HELOC” for owner-occupied borrowers, offering access up to $750,000 with repayment terms of 10, 15, 20 or 30 years. The lender said qualified applicants can start the process without a hard credit inquiry and may close in as few as five business days.
Gershman said the product is aimed at homeowners who have built equity but do not want to touch their existing first mortgage, citing needs such as renovations, tuition, or paying down credit cards. Truss also launched a HELOC, but tailored it to residential real estate investors using debt service coverage ratio based underwriting.
According to HousingWire, Truss’s DSCR HELOC allows borrowers to access up to $1 million in equity across investment properties without verifying personal income or replacing existing first mortgages. Instead of using personal debt-to-income ratios, the program evaluates cash flow from rental property and is available on certain non-owner-occupied one- to four-unit properties, condominiums and planned unit developments.