PHILADELPHIA (June 9, 2022) – RenoFi, the renovation enablement platform company, today announced the launch of a first of its kind fixed-rate home renovation loan.
Previously, RenoFi Home Equity Loans were only offered as a variable rate HELOC. Now with a fixed rate for up to 20 years, RenoFi’s fixed-rate home equity loan allows homeowners to borrow up to 90% of the after renovation value (ARV) and provide 100% of the funds directly to the homeowner at the time of closing up to $500,000.
The fixed-rate home renovation loan, which is available through multiple lenders in 48 states across the U.S., allows homeowners to renovate their home with no restrictions on renovation type including Accessory Dwelling Units (ADUs). Demand for a fixed-rate solution from renovating homeowners has soared in 2022 with interest rates on the rise. In addition to their newest renovation loan, RenoFi also offers a Home Equity Line of Credit (HELOC) option with loan amounts ranging from $25,000 to $500,000. The RenoFi HELOC has been on the market since 2020, allowing thousands of homeowners to complete their renovation wish lists.
“Due to rising rates and home prices, we are seeing a growing number of homeowners opting to remain in their current homes rather than enter into the housing market. As a result, these homeowners have an increased interest in renovating their homes into customized spaces,” said Justin Goldman, co-founder and CEO of RenoFi. “Every other major purchase we make in our life has a smart and easy financing solution attached to it. Remarkably few to no options exist for financing solutions exist for home renovation.
“At RenoFi our mission is to help homeowners bridge the gap through customizable loan options that fit their needs. Our newest fixed-rate home renovation loan is the latest evolution in our lineup of products designed to meet the changing needs of today’s homeowners.”
RenoFi’s Renovation Enablement Platform is the first and only end-to-end loan origination and underwriting platform specifically designed to power renovation lending. The core of RenoFi’s technology platform is its Renovation Underwrite (RU) enabling lenders to provide loans based on a home’s post-renovation value (as opposed to the current value of the home with traditional home loans), helping lenders increase the borrowing power of their customers by 11x on average.
To learn more, please visit https://www.renofi.com/.
About RenoFi
RenoFi is the renovation enablement platform company that empowers lenders to offer best-in-class financing solutions that better meet the needs of today’s homeowners. The company offers the only end-to-end loan origination and underwriting platform specifically built to enable renovation lending, allowing homeowners to borrow against their home’s post-renovation value, instead of the home’s current value, and increasing borrowing power by 11x on average. The company is backed by leading investors including Canaan, First Round Capital, Nyca Partners and CMFG Ventures.
To learn more please visit https://www.renofi.com/.
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