Best For
- Owners with meaningful equity in a home they own
- Larger or longer-term needs
- Owners comfortable using their home as collateral
Put Your Home Equity to Work for Your Business
Open a revolving line of credit with a licensed lender, secured by the equity in your home. Your home is the collateral.
Velo is not the lender.
Home Equity Line of Credit (HELOC)
- Apply with Velo(Done)
- Matched with a Licensed Lender(Done)
- Draw as Needed(In progress)
Illustrative example.
Process3 steps
How It Works
Step 1: Apply with Velo
One short application. Tell your advisor you own a home with equity.
Step 2: Matched with a Licensed Lender
The lender runs its own review, which usually includes a home valuation.
Step 3: Draw as Needed
If the lender approves, draw funds when you need them and repay on its terms.
FitHome Equity Line of Credit (HELOC)
Is It the Right Fit?
Consider Something Else If
- You need funds within days, or would rather not use your home as collateral.Same-Day Business Funding
- You want a revolving limit that isn't secured by your home.Business Line of Credit
Before you apply
What We Look at, and What You'll Need
What We Look At
- Equity in a home you own
- Credit and income that meet the lender's standards
- Availability varies by state and property type
- Final requirements are set by each licensed lender
What You'll Need
- Last 4 months of business bank statements
- Driver's license or other government ID
- A voided business check
- For larger requests: a recent business tax return or financial statements
Requirements vary by product and are reviewed case by case. Meeting them doesn't guarantee approval.
CostDisclosures
Cost & Disclosures
In short
- A third-party lender decides and sets terms
- APR and fees disclosed by the lender
- Velo may be paid by the lender
A home equity line of credit is secured by your home. If you do not repay as agreed, you could lose your home. Home equity lines are offered and made by licensed third-party lenders, subject to their approval, a valuation of your property and their underwriting, and are not available in every state. Velo is not the lender, does not make home equity loans and may receive compensation from the lender. Rates, fees, draw and repayment terms are set and disclosed by the lender before you sign.
Lines of credit, term loans, equipment financing, SBA loans and home equity lines of credit are made by third-party lenders, subject to their credit approval and terms. Velo is not the lender and may receive compensation from the lender. APRs, fees and terms vary by lender and are disclosed by the lender before you sign.
Questions, Answered
Booking a call or starting an application on this site doesn't involve a credit check. Our initial review uses a soft inquiry that doesn't affect your credit score. If you move forward with an offer, the lender or funder may obtain a report that results in a hard inquiry, and we'll tell you first.