Credit Suisse warehouse line of credit will facilitate U.S. expansion of Benji, Renovate America’s unsecured consumer home improvement lending product
SAN DIEGO, Feb. 2 – Renovate America, a leading U.S. provider of home-improvement financing, announced today that it has completed a $100 million credit facility with Credit Suisse. The facility will enable Renovate America to expand Benji, the company’s unsecured consumer home-improvement lending product.
As Renovate America’s newest financing option, Benji is designed for well-qualified borrowers and is expected to rapidly expand to all 50 states. Benji can only be used to finance home improvements, from energy and efficiency upgrades to kitchen and bath projects. Benji offers consumer and small business protections which set it apart from other unsecured lending, including contractors agreeing to be paid only when homeowners have agreed that the project is complete, and post-funding dispute resolution support if needed.
“Benji helps expand our network of vetted contractors, and is a natural extension of our commitment to make home improvement more efficient,” said Patrick Moore, Renovate America Senior Vice President of Consumer Lending. “By providing homeowners access to a variety of financing solutions and our network of qualified contractors an easy-to-use, tech-enabled platform, we are enabling communities to modernize their housing stock while providing growth opportunities for small businesses.”
About Renovate America
Renovate America offers a tech-enabled market platform for home improvement and commercial retrofits that empowers communities to modernize and make their housing stock more efficient while giving small businesses the tools they need to grow. In addition to financing home improvements through an unsecured lending product, Benji, Renovate America offers communities the HERO Program. HERO is the leading residential Property Assessed Clean Energy (PACE) program in the U.S. and has financed more than $2.1 billion of home improvements in partnership with local governments. HERO is on track to save its customers nearly $3.5 billion in energy and water bills, and has created over 18,000 local jobs that cannot be offshored or automated. Renovate America has built the world’s largest green bond platform, with a volume of originations that enables securitization of HERO PACE bonds multiple times a year, attracting international investment to meet U.S. clean-energy objectives.