Deephaven Introduces New HELOC Offering

Non-QM lender Deephaven Mortgage has launched its Equity Advantage HELOC product to provide wholesale and correspondent partners an advantage in the second lien market, a segment anticipated to surpass $100 billion in originations this year. In 2026, the second lien market is predicted to grow to over $150 billion.

The standalone home equity line of credit (HELOC) includes an option for self-employed borrowers to qualify based on 12 months of personal or business bank statements in lieu of tax returns. To make it easier for loan officers to increase their market participation, Deephaven manages the full lending process — from disclosure through funding — and provides continued support.

“The home equity market remains strong,” said Tom Davis, chief sales officer with Deephaven Mortgage. “U.S. homeowners have more than $11 trillion in tappable equity; trillions of dollars more in credit card, automobile, and student loan debt; and a need to renovate their aging homes. Our bank statement HELOC helps Deephaven’s partners respond, with alternative documentation options for underserved borrowers such as the self-employed.”

The new bank statement HELOC offering provides borrowers with the funding to pay down debt, renovate their homes, or invest in new properties without giving up their existing low-interest-rate mortgage.

Key components of Deephaven’s new Equity Advantage HELOC include:

• Loan amounts from $50,000–$400,000
• 50% DTI
• A maximum CLTV of 90% for primary residences, 85% for secondary residences, and 75% for investment properties
• A minimum FICO of 660 for primary and secondary homes, and 700 for investment properties
• Qualification through 12 months of personal or business bank statements, or one year’s full documentation
• Variable rate: Five-year interest-only draw; 30-year maturity; 25-year amortization term

The Equity Advantage HELOC also includes Deephaven’s account executive support before and during the HELOC process, HELOC Quick Pricer for instant rate scenarios, Bank Statement Scenario Desk, and borrower-paid origination fee options, as regulated by individual state laws.