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RenoFi offers a lending product that allows homeowners to borrow against the expected value of their loan. But when homeowners search for a home improvement loan, their borrowing power is limited. The pre-renovation value of their home limits their borrowing ability. Sometimes it actively prohibits their intended project!
Usually, this is because the borrower don’t have enough equity in the home for a large enough home equity loan or cash-out refinance. Sadly, many dream projects never arise. Borrowers are stuck with smaller projects or houses that don’t quite meet the mark.
Instead, RenoFi allows homeowners, contractors, and lenders to approach the loan differently. They estimate the value of the home post-renovation. So, if doubling the square footage would double the value, then homeowners can borrow that much more! (Well, not exactly, but you get the point.)
The whole process is relatively simple—barely more complex than a regular home improvement loan. But it offers people the opportunity to dream bigger when it comes to home renovations, additions, and more.
RenoFi offers their product to credit unions, banks, and borrowers alike.