A home equity loan is a lump sum borrowed against the value you already own in your home; a home equity line of credit (HELOC) is a revolving limit you draw on as needed. Banks offer both — to borrowers who pass the stress test and an income check. Lendmax Capital offers both to the borrowers who do not: approval is based on equity and the exit plan, no income documents are required, and credit is accepted from the 500 band.
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| Home equity loan (lump sum) | Home equity line of credit (HELOC-75) | |
|---|---|---|
| Shape | One advance at closing, repaid or refinanced at maturity | A limit you draw on, repay and redraw during the term |
| Interest | On the full amount from day one | Only on the drawn balance; nothing owing on a zero balance |
| Best for | A known, one-time need: consolidate debts, clear arrears or CRA, fund a renovation, a down payment on a second property | Costs that arrive over time: a renovation in stages, business cash flow, a cushion you may not use |
| Maximum LTV | To 75% under Prime, 80% under Flex (combined with any existing mortgage) | 75% combined loan-to-value |
| Lendmax program | Prime 2nd · Flex 2nd · Prime 50 & 75 for amounts to $75,000 | HELOC-75 |
| Time to fund | Up to two business days once instructed; 48 hours on Prime 50 & 75 | Up to five business days once instructed |
| Credit | From the 600 band (Prime) or 500 band (Flex) | From the 500 band |
Both are secured by a registered charge on your home. Both are short-term private financing with a higher rate than a bank product, and both are written with an exit back to a cheaper lender once the reason the bank declined has been fixed.
Illustration only. The governing figure is the appraised value from an approved appraiser, and condominiums carry a lower ceiling. A rate is not shown because it is set per file.
A bank underwrites the borrower: score, income, debt ratios, the stress test. Miss any one and the equity in the home does not help you.
Lendmax underwrites the property and the exit. A 520 beacon with 40% equity and a plan to rebuild credit over a 12-month term is a Flex file, not a decline.
The price and the program, not the answer. Credit tier sets the rate band and can lower the LTV ceiling; it does not remove the option.
A home equity loan is a lump sum with interest on the whole amount from the start. A HELOC is a revolving limit — you draw what you need, pay interest only on the drawn balance, and can redraw as you repay. Lendmax writes the loan as a private second mortgage and the line as HELOC-75.
From a private lender, yes. Lendmax accepts credit from the 500 band under Flex and from the 600 band under Prime; approval is based on equity, the property and the exit plan rather than the score. A lower score changes the price and may lower the loan-to-value ceiling.
Higher than a bank's equity products, priced on position, loan-to-value, credit tier, market and term. Lendmax quotes every rate and lender fee per file after reviewing the application, appraisal and credit report, and puts the figures on the commitment before you sign. No rate is published on this site.
Up to 75% of appraised value on HELOC-75 and up to 80% on a Flex second, in each case counting your existing mortgage. On a $900,000 home with a $540,000 first, that is roughly $135,000 on the line or $180,000 on a second — before condominium limits or market tier adjustments.
Yes. HELOC-75 is available on residential property in all three provinces, with the market tier setting the ceiling. Draws and repayments are administered by Lendmax Inc., FSRA Licence 13002.
No. None of the Lendmax programs require income confirmation. The file is underwritten on the appraisal, the credit bureau and the exit plan. Self-employed, commission and contract income that a bank cannot fit is the ordinary case, not the exception.
Lendmax Inc. is a licensed mortgage administrator, FSRA Licence 13002. Program criteria set out eligibility only and are not an offer of credit. Rates, lender fees and conditions are quoted per file and are subject to change without notice.
