Hot on the heels of securing a new acquisition, Finance of America has entered the $500 billion home improvement market with the launch of Finance of America Home Improvement.
The move is the result of Finance of America Mortgage’s acquisition of Renovate America in March. FAM purchased certain assets of the green home lender and its proprietary platform, Benji, after Renovate America filed for bankruptcy in December.
In a statement released Monday, the mortgage lender said that the new business division offers “flexible financing for home renovations and improvement.” In addition to these lending options, America Home Improvement provides education, training, and mentoring to contractor teams in the field.
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FAM’s contractor partners can access the home improvement financing product through the Benji portal, where they can manage their projects and deal pipeline, access financing calculators, and get their clients approved for financing. Meanwhile, customers who aren’t working with a contractor can find an approved contractor through the Finance of America Home Improvement website.
“The high demand for housing combined with persistently low inventory has created an environment where home renovations are more prevalent, and homeowners are searching for new ways to pay for these projects,” said Shawn Stone, President of Finance of America Home Improvement. “This product provides an entry point for contractors to introduce homeowners to lending solutions for their projects. Meanwhile, we make it easier to secure quick financing approvals, so the contractor or vendor gets the customer approved, the deal closed, and they can move on to the next project.”