RenoFi Signs Distribution Agreement with TruStage to Help Credit Unions Offer Next Generation Home Renovation Loans to Their Members
RenoFi announced today it has signed a distribution agreement with TruStage to bring home renovation financing solutions to credit unions across the country. RenoFi’s “Renovation Underwriter” empowers credit unions to offer after-renovation-value home equity loans by underwriting the risk of the renovation and by providing a fully digital, end-to-end process for the homeowner and credit union.
TruStage Ventures, the venture capital arm of TruStage, previously invested alongside leading fintech investors in a Series A funding round to fuel RenoFi’s continued growth.
“RenoFi is blazing a trail for credit unions to shape the new frontier in the home renovation space. The team has experienced incredible growth stemming from the strong demand from homeowners for a solution that is tailored to their needs. We are excited that TruStage can help bring RenoFi to more credit unions, further building upon the partnership forged through our investment”, said Sam Das, Managing Director at TruStage Ventures.
RenoFi offers the only end-to-end loan origination and renovation underwriting platform specifically built to enable renovation lending, allowing homeowners to borrow against their home’s after-renovation value instead of the home’s current value, increasing borrowing power by 11x on average. RenoFi’s loan products are intended for primary homeowners looking for financing to support home renovation projects like kitchens, bathrooms, additions, pools, etc. The RenoFi team is made up of renovation experts, mortgage loan originators, and technologists who are dedicated to providing personalized customer support and renovation concierge services.
“We are very excited to officially announce TruStage as a partner,” Lee Miller, President & Co-Founder of RenoFi said. “We are committed to the credit union industry and making renovations possible for all homeowners. TruStage’s expertise and industry reach will help us greatly with those commitments and its endorsement of RenoFi is a big proof point for RenoFi’s ability to support the credit union movement!”