Renovate America adds $200 million warehouse facility from Bank of America
Written By: Stratton Report
February 28, 2017
On February 28, Renovate America announced that it had closed a $200 million credit facility with Bank of America N.A. to support the continued expansion of the HERO Program, which the firm describes as the nation’s largest PACE financing vehicle.
According to Renovate, the credit facility will provide Renovate America with enhanced liquidity and will further diversify the company’s funding profile. Renovate America claims that it now has five warehouse lenders, up from three last year.
Renovate stressed that since the launch of the HERO program five years ago, it has been used to finance energy and efficiency improvements across 90,000 homes.
In addition, Renovate noted, it also provides home improvements financing through an unsecured lending product, Benji.