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  Prosper HELOC

Prosper HELOC

in Home Equity Lines of Credit from Prosper Funding LLC

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Prosper HELOC

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in Home Equity Lines of Credit from Prosper Funding LLC

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Highlights
Highlights
Loan Amount $1,000 - $500,000
APR  (Variable APR) N/A
Maximum LTV 90%

Prosper HELOC Review

Where does Prosper HELOC do business?

Prosper HELOC is a direct lender based in San Francisco, CA. The company was founded in 2005 and offers home equity lines of credit (HELOCs) to borrowers in state across the USA.

How much can you borrow with a HELOC?

Home equity lines of credit are lines of credit -- similar to a credit card -- that are secured by your home. Once you get approved for a certain amount, you can borrow as much as you need by writing a check or a credit card attached to the account.

Prosper HELOC allows borrowers to apply for lines of credit of up to $500,000. Note that the maximum loan amount you can borrow will vary depending on the value of the property, how much you owe on it, and your creditworthiness.

This lender's maximum loan to value rate is 90%. That means the total debt secured by the property cannot exceed 90% of its value. Let's say you own a property with a current market value of $100k, but you still owe $20k on your mortgage. Your equity would be $80k. In this scenario, if you have good credit, you may qualify for a line of credit of up to $70k.

What are the terms for a HELOC via Prosper HELOC?

HELOCs have a draw and a repayment period. During the draw period you can borrow as much as you need up to your credit limit. After the draw period, you are responsible for repaying the loan. 

Prosper HELOC offers home equity loans with a draw period of up to 10 years.

Is there a minimum draw requirement?

No, there isn't a minimum draw requirement.

What fees does Prosper HELOC charge for a HELOC?

Prosper HELOC may charge a loan origination fee.
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Contact

  • Headquarters
  •   221 Main Street, Suite 300
    San Francisco, CA 94105
  •   Visit Site

Other Services by Prosper Funding LLC

Feature Breakdown

Maximum LTV 90%
Military Status
  • Active Duty Military
  • Military Dependent
  • Non-Military
  • Veterans
Draw Period 10
Loan Amount $1K - $500K

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