Finance of America Companies Inc. (NYSE:FOA), an end-to-end lending and services platform, has launched Finance of America Home Improvement, a new business division that offers non-mortgage financing options. The new offering is designed to help people achieve their home improvement goals by providing access to flexible financing for home renovations and improvements.
The new division will utilize a proprietary technology platform called Benji, that reportedly gives contractors tools 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.
“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 an industry-leading 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.