Home-improvement financing provider Renovate America, which employs about 400 people in San Diego, has closed a $40 million credit facility, doubling the total available capital through its line with ING Capital LLC.
The company increased its credit facility through M&G Prudential; ING Capital brought in Prudential as a syndicate partner to increase the company's existing multi-year $40 million credit facility.
"(The increase) bolsters Renovate America's financial position with enhanced liquidity and further diversifies the company's funding profile," the company said in a Dec. 21 statement.
Renovate said it will use the capital to continue expanding its lending in the Property Assessed Clean Energy (PACE) program, which helps homeowners finance energy-efficient improvements, such as the installation of solar panels.
In six years, the company said it has provided financing for improvements - which homeowners pay for via a line item in their property taxes - at more than 110,000 properties in California, Florida and Missouri.
The Rancho Bernardo-based business struggled in 2017, undergoing multiple rounds of layoffs, including a nearly 20 percent reduction of its overall workforce of more than 500 people in the fall. Company leadership underwent major changes, with cofounder JP McNeill stepping down from his position as CEO to a strategy role and cofounder Nick Fergis leaving the company.
Roy Guthrie, chairman of the board of directors’ executive committee, took over as Renovate's chief executive.