San Diego’s Renovate America, a leading U.S. provider of home-improvement financing, said it has sold a portfolio of $90 million of performing Benji loans to an unidentified North American regional bank.
It was the first sale for the company involving its unsecured Benji lending product, according to a news release.
Renovate America’s CEO Roy Guthrie said in the release the transaction marks a major milestone for the company, and confirms that its internal controls and procedures meet the high bar set by a federally regulated depository institution.
“As Benji scales up and goes national, this deal underscores the product’s value to homeowners, contractors and investors,” Guthrie added.
Benji loans complement Renovate America’s HERO Property Assessed Clean Energy financing (PACE). HERO allows homeowners to make energy, efficiency and resiliency improvements to their homes and repay the balance via an additional line item on property taxes, according to the company.