Ardent Credit Union Partners with RenoFi on Novel Home Renovation Loan

The renovation home equity loan allows consumers to borrow against their home’s anticipated after-renovation value

PHILADELPHIA, PA (June 17, 2020) — Today, Ardent Credit Union introduced its new Renovation Loan in partnership with Philadelphia-based financial technology company, RenoFi.

The Ardent Renovation Loan will significantly increase a homeowner’s borrowing power. Unlike a traditional home equity loan that calculates available equity based on a home’s current value, this loan will allow homeowners to borrow against their home’s after-renovation value at the lowest rate possible.

We are excited to bring another innovative solution to our members that will have a positive impact on their lives. This unique product fills a need that isn’t being met with traditional home improvement financing options,” said Rob Werner, President & CEO of Ardent Credit Union.  “This is a perfect solution for people who want to move, but can’t find the home that fits their needs in this tight housing market. With this loan, they can turn the home they have into the home they’ve always wanted.”

Ardent’s new Renovation Loan is suited for homeowners who want to renovate their primary residence, but have limited equity in their house. The loan will offer a two-year draw period that turns into a fixed-rate term loan. Plus, the Ardent Renovation Loan is much more flexible and affordable than a typical construction loan. While Ardent will underwrite the credit loans, RenoFi will act as a renovation concierge service, guiding homeowners through the process. To start, RenoFi will conduct a feasibility analysis of the project and assist in vetting the contractor.

“We know people make a huge financial and emotional investment in their homes, which is why we partnered with Ardent Credit Union to launch this product,” said Justin Goldman, Co-Founder & CEO of RenoFi. “We want homeowners to have the best experience and access to the most competitive rates out there to help them achieve their renovation goals.”

Ardent is the first financial institution to partner with RenoFi. The two organizations have been piloting the program for more than a year and are pleased with the results.

Traditionally, homeowners have to build up equity before they can renovate, which means they live for years in homes that don’t work for them. Or homeowners may decide to tackle their wishlist piecemeal, which increases renovation costs and has them living in a continual construction zone. The most desperate homeowners may decide they cannot wait and make risky financial decisions, such as dipping into their emergency funds, draining their retirement savings or taking out high interest unsecured personal loans. Even construction loans are not optimal since they can result in higher rates with lots of closing costs.

RenoFi has seen an uptick in inquiries since the pandemic began. After spending months inside, homeowners know what they need to make their home better fit their lives.

“Not surprising homeowners are thinking about additional space after not being able to go anywhere,” Goldman said. “Whether it be a home office, additional bathroom or larger kitchen, people want to take the money they are saving on things like travel and make their home into something they love.”

Interested in exploring more about RenoFI? Reach out to Chris Otey for an introduction!


About Ardent Credit Union

Ardent Credit Union is a member-owned financial cooperative. Originally founded in 1977 by the employees of the SmithKline Corporation, Ardent has more than $700 million in member assets. Headquartered in Philadelphia, Ardent serves Philadelphia, Montgomery, Delaware, Bucks and Chester Counties. For more information, visit or call 800.806.9465.

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