People are staying in their homes longer. That is fact.
One upshot is that more homeowners are planning more ambitious home renovation projects.
But many have had problems getting a loan for the full amount needed – a kitchen remodel for instance can cost upwards of $30,000.
Enter Housetable, a New York-based startup that is bringing multiple new ideas to this issue. The big idea: it will lend on the after-renovation value of the home. That can put significantly more money on the table to fund this project.
Housetable also will monitor the renovation as it proceeds – via its app and video – and it handles disbursements to the contractor and, of course, it checks on the updated status of the project before issuing a payment.
Housetable implements quickly at a credit union. CEO David Benizri said that it typically takes one to two months.
Benizri added that he sees Housetable working well in big credit unions but also institutions as small as $50 million. There is very little lift required on the part of the credit union to get this loan offering up and running with members.
Housetable is venture and angel funded. Benizri gives the details in the show.
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