HELOC on an Investment Property - New AI Product?

Reno, Nevada
Private Lending & Conventional Mortgage Advice
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HELOC on an Investment Property - New AI Product?

Jake AndronicoBusiness Member
Realtor · Reno, NV · Member since 2019 · 1k+ posts · 938 votes

I've made a new connection in my market to a lender who can approve HELOC's on investment properties (and owner occupied property) with new AI underwriting in 3-4 days.

Gave him a referral and she was blown away with how quick the process was. 

Has anyone else seen a product like this? Curious if this has spread more throughout the country. 

Happy to share the contact info with anyone who is interested. 

415-233-1796
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Kerry BairdPro Member
Rental Property Investor · Melbourne, FL · Member since 2011 · 3k+ posts · 2k+ votes
2y

Figure has a quick product that sounds similar.  

1Reply
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  • Rusty Ropes
    Lender · lafayette IN · Member since 2024 · 1 post · 0 votes
    2y

    I am.....dennis ropes of Cash Flow Solutions (CSU) F

    0Reply
  • Kerry BairdPro Member
    Rental Property Investor · Melbourne, FL · Member since 2011 · 3k+ posts · 2k+ votes
    2y

    Figure has a quick product that sounds similar.  

    1Reply
  • Jake AndronicoBusiness Member
    OP
    Realtor · Reno, NV · Member since 2019 · 1k+ posts · 938 votes
    2y
    Quote from @Kerry Baird:

    Figure has a quick product that sounds similar.  

    Yep, that's it. Have you used it before? 
    415-233-1796
    0Reply
  • Jay HurstBusiness Member
    Lender · Dallas, TX · Member since 2017 · 1k+ posts · 1k+ votes
    2y
    Quote from @Jake Andronico:

    I've made a new connection in my market to a lender who can approve HELOC's on investment properties (and owner occupied property) with new AI underwriting in 3-4 days.

    Gave him a referral and she was blown away with how quick the process was. 

    Has anyone else seen a product like this? Curious if this has spread more throughout the country. 

    Happy to share the contact info with anyone who is interested. 


     Figure algorithm for market value is VERY conservative so it ends up killing most deals. I completely understand why and do not blame them as they are making loans without appraisals so they are going to have to be at low loan to values to account for the small % they get burned. But, from a lender sending them deals or a consumer it can be a very frustrating product.  

    Hurst Real Estate, INC4.986 Reviews
    WebsiteView Page
    0Reply
  • Jack Matthias
    Lender · Chicago · Member since 2023 · 176 posts · 70 votes
    2y

    Yup we have Figure as well!

    1Reply
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