Spring EQ Enhances Home Equity Product Line for Consumers and B2B Clients

PHILADELPHIA--(BUSINESS WIRE)--Spring EQ, a leading home equity lender, today announced significant home equity product updates and improved guidelines for investment properties, second homes, bridge loans, and more.

With continued rising home values, homeowners have record levels of equity in their home, and many will be tapping into those funds this year.

“Today’s homeowners want to leverage this increased equity in their homes to make improvements, finance education and consolidate debt, while loan originators are working to source the best products on the market for their consumer clients,” said Jerry Schiano, CEO of Spring EQ. “This is the right time and opportunity for Spring EQ to expand our home equity product offerings and guidelines for all the customers we serve.”

A portion of Spring EQ’s recent home equity product updates include:

• Availability of Bridge Loans in all licensed states
• Maximum total financing increased to $3 million on primary residences
• Acreage limit increased to 20 acres
• Prior use appraisals acceptable for 12 months on HELOCs, and AVMs acceptable for qualifying loans

Spring EQ has also expanded guidelines for investment properties and second homes on its fixed-rate home equity loan product. Features include:

• Maximum combined loan to value ratio (CLTV) is now 90% up to 680 FICO
• Minimum credit score is now 620 for lower CLTVs
• Credit scores have been lowered for all CLTVs
• No cash reserves required
• $500k maximum loan amount
• Maximum of 10 financed properties

Unlike banks and other lenders, Spring EQ’s platform provides simple and convenient access to a homeowner’s home value, along with fast funding, flexible borrowing options, competitive interest rates and an easy application process.

About Spring EQ

Spring EQ is a national first and second mortgage lender specializing in refinance, home-equity loan, and home-equity line-of-credit products directly to consumers and through mortgage brokers. Headquartered in Philadelphia, Spring EQ is among the fastest growing and most awarded lenders since its founding in 2016. Spring EQ leverages a seamless, simple, and digital process that results in faster funding, trustworthy loans, and less frustration for consumers today.

To learn more about Spring EQ, visit www.springeq.com.