Renovate America, a San Diego, CA-based U.S. provider of home-improvement financing, closed a $40m credit facility.
ING Capital LLC provided the multi-year financing.
The company intends to use the funds for the continued expansion of HERO, the nation’s largest form of Property Assessed Clean Energy (PACE) financing, to bolster its financial position with enhanced liquidity and further diversify its funding profile.
Renovate America offers a tech-enabled financing platform for home improvement and commercial retrofits. In addition to financing home improvements through an unsecured lending product, Benji, the company offers HERO financing, which, since launching over 5-1/2 years ago, has been used to make energy and efficiency improvements across more than 100,000 homes in California and Missouri. HERO also just became available in Florida, where it can also finance hurricane-protection improvements such as impact-resistant windows.
HERO empowers homeowners to replace their windows and doors, upgrade their HVAC, go solar, and more, and pay for the improvements over time at a fixed interest rate via an additional, voluntary line item on their property taxes. The products installed must meet federal and state efficiency standards, and many homeowners are able to lower their monthly utility bills as a result.