Skip to main content

Finance Of America Launches Home Improvement Lending Division

Navi Persaud
May 10, 2021
Finance of America Home Improvement Logo

Finance of America Companies Inc. is expanding its lending business with the launch of Finance of America Home Improvement, a new business division that offers non-mortgage financing options, according to a press release.

The new offering is designed to help people achieve their home improvement goals by providing access to flexible financing for home renovations and improvements. It also delivers a proprietary technology platform, Benji, that gives contractors the tools they need to grow their business and homeowners access to financing solutions through their contractor. In addition to offering financing options, Finance of America Home Improvement offers education, training, and mentoring to contractor teams in the field. Finance of America Home Improvement expands the financing options available to Finance of America customers and adds a non-mortgage solution to the company’s already diverse suite of lending products.

“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.”

Benji is a home improvement financing product offered to consumers through approved contractors. The Benji portal is available to contractors to manage their projects and deal pipeline, access financing calculators, and get their clients approved for financing. Consumers who aren’t working with a contractor already can find an approved contractor through the Finance of America Home Improvement website.

As announced in March 2021, the launch of Finance of America Home Improvement is the result of Finance of America Mortgage LLC’s acquisition of certain assets of Renovate America, Inc., including Benji.

Mortgage Lenders Expect Profit Margins To Shrink

69% of lenders believe profit margins will decrease in the months ahead, while 19% believe profits will remain the same, and 11% believe profits will increase.

Industry News
Jun 14, 2021
Real Estate Industry Calls To End Eviction Moratorium On June 30, 2021

Expanding the moratorium will only increase levels of debt on renter households and impede the recovery of the housing sector.

Industry News
Jun 14, 2021
Fifth Third Bank Expands Down Payment Assistance Program

The program will provide up to $3,600 towards a down payment for families with low to moderate income.

Industry News
Jun 09, 2021
Filo Mortgage Launches Low-Rate Guarantee

National mortgage lender Filo Mortgage is offering to beat competitors' pricing by $1,000 with its Low-Rate Guarantee.

Industry News
Jun 08, 2021
FAU Index Shows Where Consumers Should Buy Or Rent

Consumers are better off renting in cities like Dallas, Texas

Industry News
Jun 07, 2021
Verus Title Inc. Expands Into Dallas-Fort Worth Texas

Verus plans to take advantage of the Dallas-Fort Worth market before expanding throughout the state.

Community
Jun 07, 2021