LoanDepot to Add Home Equity Loans in September

LoanDepot in Irvine, Calif., has introduced home equity loans to its list of marketplace lending products.

The company expects the HELOCs to carry rates between 6% and 8% for qualified consumers. LoanDepot plans to begin offering the HELOCs in September.

LoanDepot's HELOCs will range between $25,000 and $250,000 for both cash-out financing and new purchases. Some borrowers will be able to qualify for 95% loan-to-value ratios.

The company said it has received interest from investors in the home equity loan product, without identifying the investment firms. It offers loans that are funded by matching investors with consumers.

LoanDepot began offering unsecured personal loans in July, after starting out with purchase and refinance home loans.