Home Equity Loan

A home equity loan is a fixed-rate second mortgage that pays out as a single lump sum, secured by the equity you have already built. Unlike a HELOC, the rate and payment are fixed for the full term, so the cost never moves. Business owners use it to fund equipment, expansion, or working capital without touching a low-rate first mortgage. For self-employed borrowers whose tax returns understate income, bank statement and P&L documentation paths qualify the same equity.