Third sale of unsecured home-improvement loans comes as Renovate America prepares to bring Benji to all 50 states by Q4
SAN DIEGO, Aug. 23 – Renovate America, a leading U.S. provider of home-improvement financing, announced today that it has sold a portfolio of $38 million of Benji loans to a North American regional bank. The sale was Renovate America’s third involving its unsecured Benji lending product, which is designed for qualified borrowers.
Benji can finance everything from energy-saving home improvements, such as new HVAC systems and replacement windows and doors, to kitchen and bath remodels. Benji is currently available to homeowners in 39 states, and Renovate America expects the financing product to be in all 50 states by the fourth quarter of 2018.
With this latest transaction, Renovate America has now sold over $162 million in Benji loans; all three deals have been brokered by Performance Trust Capital Partners. The latest Benji portfolio had a weighted average life of 22 months and a weighted average FICO score of 764.
About Renovate America
Renovate America offers a financing platform that helps Americans improve their homes while giving contractors the tools they need to grow their business. In addition to financing home improvements through an unsecured lending product, Benji, Renovate America offers communities HERO financing. HERO is the leading residential Property Assessed Clean Energy (PACE) program in the U.S. and has been used by the owners of over 115,000 homes to make upgrades that can save energy and water, generate renewable energy, or protect against storm damage. HERO-financed upgrades are projected to save homeowners billions of dollars in energy and water bills, and are estimated to have created over 25,000 local trade jobs that cannot be offshored or automated. The sustainable nature of HERO-financed projects has enabled Renovate America to securitize over $3 billion in green bonds.