Renovation Finance, LLC (RenoFi)
 | |
| Private | |
| ISIN | 🆔 |
| Industry | Financial Technology, Mortgage |
| Founded 📆 | January 2018 |
| Founder 👔 | Justin Goldman Robert Shedd Lee Miller |
| Headquarters 🏙️ | Philadelphia, Pennsylvania, U.S. |
Area served 🗺️ | |
| Products 📟 | Home renovation loans |
| Members | |
Number of employees | |
| 🌐 Website | renofi |
| 📇 Address | |
| 📞 telephone | |
Renovation Finance LLC (commonly known as RenoFi) is an American online renovation loan company. RenoFi refers homeowners to credit unions to provide RenoFi Loans,[1] a type of home equity loan that caters to major home renovations by allowing homeowners to borrow up to 90% of the home’s projected after renovation value.[2][3]
While headquartered in Philadelphia, RenoFi has employees in the United States and in five other countries.[4]
History[edit]
RenoFi was founded in January 2018 by Justin Goldman, Robert Shedd and Lee Miller, alumni of Penn State University.
Goldman and Shedd are both graduates of Y Combinator, an American seed money startup accelerator, where they launched their previous company Zoomer.[5]
Goldman and Shedd had worked as CEO and CTO, respectively, of Zoomer, the B2B food delivery startup they co-founded in 2014.[6] Zoomer was absorbed by Grubhub in 2017.[6] Madison, Wisconsin-based EatStreet also partially acquired the company’s operations in 10 markets across the country.[6]
Goldman founded RenoFi after seeking financing for his renovation in 2017 and realizing he didn't have enough equity for a home equity loan.[1] He designed RenoFi Loans to be value-added loans like construction loans that are more well-suited to renovation projects.[2][7]
RenoFi’s first lending partner was Ardent Credit Union, a Pennsylvania credit union headquartered in Philadelphia.[6][8] RenoFi has added eight additional credit union partnerships since then.[8]
In June 2020, RenoFi announced its Series A round of funding, raising $6.4 million.[2][7][9] The round was led by Canaan Partners[10], an early-stage venture capital firm, known for its investment in Rocket builder Astra[11]. The round also included new participation from Comcast Ventures, and existing backer First Round Capital.[2]
Debbie Matz, former NCUA chairman appointed by U.S. President Barack Obama, joined RenoFi’s board of advisors in October 2020.[12][13]
Model[edit]
RenoFi helps potential borrowers connect with credit unions that offer RenoFi Loans. RenoFi reviews homeowners' renovation contracts, conducts a project feasibility analysis and assists in approving contractors before directing homeowners to one of several credit unions that offer RenoFi Loans.[8]
To land a RenoFi Loan, the borrower pays for an “as-completed” appraisal, which typically costs $100 to $200 more than a standard appraisal. Beyond that, closing costs typically range between $95 and $500.[3]
References[edit]
- ↑ 1.0 1.1 "RenoFi wants to make it easier for homeowners to finance renovations". businessofhome.com. 2021-02-01. Retrieved 2021-02-11.
- ↑ 2.0 2.1 2.2 2.3 "RenoFi raises $6.4 million to help lenders offer home renovation loans". HousingWire. 2020-06-23. Retrieved 2021-02-11.
- ↑ 3.0 3.1 Ostrowski, Jeff. "New Type Of Home Equity Loan Caters To Major Renovation Projects". Bankrate. Retrieved 2021-03-15.
- ↑ "RenoFi – Remote In Tech". remoteintech.company. Retrieved 2021-02-11.
- ↑ Ventures, Comcast (2020-06-17). "RenoFi brings next-generation renovation loans through a new fintech platform". Medium. Retrieved 2021-02-11.
- ↑ 6.0 6.1 6.2 6.3 Group, MediaNews. "Ardent Credit Union launches new home renovation loan". The Pottstown Mercury. Retrieved 2021-02-11.
- ↑ 7.0 7.1 "Amazon launches a $2 billion clean energy fund". Fortune. Retrieved 2021-02-11.
- ↑ 8.0 8.1 8.2 Systems, eZ. "An Untraditional Home Equity Loan". CUToday. Retrieved 2021-02-11.
- ↑ "Amazon launches a $2 billion clean energy fund". Fortune. Retrieved 2021-02-11.
- ↑ "Brendan Dickinson: Announcing our investment in RenoFi". Canaan. Retrieved 2021-02-11.
- ↑ Sheetz, Michael (2021-02-02). "Rocket builder Astra to go public via SPAC at $2.1 billion valuation after reaching space last month". CNBC. Retrieved 2021-02-11.
- ↑ "Debbie Matz joins RenoFi board of advisors". American Banker. 2020-10-01. Retrieved 2021-02-11.
- ↑ Systems, eZ. "Former NCUA Chair Debbie Matz Joins Company's Board of Advisors / Fresh Today / CUToday.info - CU Today". CUToday. Retrieved 2021-02-11.
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