CU 2.0 sponsor
A renovation loan that works for you
Housetable allows borrowers to qualify for larger home renovation loans (at the same rates). Housetable uses AI, home equity, and the house’s expected post-renovation value to make it happen. Housetable’s initial focus is on home equity loans that are designed for home improvement projects and underwritten based on the after-renovation value (ARV).
Not only that, but Housetable assists with the renovation planning and education, too. Here’s how it works:
- Housetable captures information about the borrower(s) and the house, complete with a 3D tour of the house using a mobile app.
- Housetable lets the borrower know what their home will be worth after renovations, its expected costs and timeline, as well as a curated list of improvements that are most likely to increase its value (powered by AI).
- Without affecting the borrower’s credit score, Housetable shows how much they can borrow, their projected monthly payments, and how that varies depending on which improvements they decide to do.
- Housetable then verifies income and assets by connecting with financial institutions, tax software, and more to evaluate the application.
- Finally, Housetable’s mobile app keeps track of contractors’ progress reports, manages changes of scopes, and approves contractor payment releases.
The end result is a bigger, fully digital home renovation loan that guides borrowers through the process from A to Z. Housetable partners with banks and credit unions across the US to provide these home equity renovation loans. Credit unions that offer these loans gain a competitive advantage over other home equity and home improvement lenders. They also gain access to potential new members nearby who qualify for loans but haven’t chosen their lender.