Deephaven Mortgage LLC has expanded its Equity Advantage HELOC product for wholesale and correspondent partners in 2026, doubling the maximum line amount to $1 million and broadening eligibility and geography, according to a company announcement.
The non-QM lender’s digital first- and second-lien HELOC now offers a maximum line of $1,000,000, up from $500,000, with a minimum of $50,000. The product is available to borrowers in Texas in addition to 44 other states and allows title vesting in an LLC for investment property owners.
The program also now permits co-borrowers, with a minimum co-borrower credit score of 620, and provides 2.50% lender-paid compensation to partners based on the full line amount. Deephaven positions these changes as a way for brokers and correspondents to compete more effectively in a HELOC market driven by record home equity.
“In a robust HELOC market, these changes empower our partners to meet the needs of more borrowers with flexibility and agility,” Tom Davis, chief sales officer at Deephaven Mortgage, said in the announcement.
Davis described current demand as a “generational opportunity,” citing strong homeowner equity levels and projections of roughly $600 billion in home renovation spending in 2026. With many borrowers locked into low-rate first liens, lenders across the industry are leaning on HELOCs as a primary way for consumers to tap equity without refinancing into a higher rate.
The Equity Advantage HELOC targets borrowers who may not fit traditional agency guidelines, including self-employed borrowers who cannot qualify with standard income documentation. Deephaven offers manual reviews of 12 months of personal or business bank statements as an alternative qualification method.
The product can also serve free-and-clear homeowners seeking cash for renovations or other goals, as well as borrowers looking to preserve their existing first-lien rate while accessing additional liquidity through a second lien.
Deephaven said it has structured the process around speed and support for its partners, including AVM options, a Quick Pricer for scenario evaluation, and the ability to obtain a full appraisal for second-lien transactions at the borrower’s request. The lender handles processing, underwriting, title, closing and funding internally.
This article was generated using HousingWire Automation and reviewed by a HousingWire editor before publication. The system helps convert company announcements and industry data into HousingWire-style news coverage.
