Home Improvement Financing For Contractors – It’s no secret that financing options have become the norm. In the past, people saved money for years to pay for the products or services they needed. Now that the market is flooded with lenders and FinTech companies, regular Americans can make regular and affordable monthly payments for the same things.
Financial markets in the United States account for 7.5% (or $1.45 trillion) of US gross domestic product. This high-growth sector translates into significant economic activity and direct and indirect job creation, according to SelectUSA.
Home Improvement Financing For Contractors
Contractors are not exempt from this financial madness. When your clients are getting ready to renovate their home, financing is usually the best option for their budget.
Renovate Now, Pay Later®
Customers. We want to make the financing process as clear as possible for them by offering standard installment loans. Easy monthly payments will keep your customers happy, which means they’ll call you when they have other home improvement needs.
As we mentioned, our main product is the standard installment loan, which includes affordable monthly payments and competitive interest rates for first-rate credit customers. We also offer a variety of promotional loan options when you need to close a difficult sale, such as when your customer requires special financing to purchase from you.
We offer home improvement financing for a variety of jobs to suit your needs. For contractors working on outdoor projects, we support replacement windows, siding, HVAC and roofing. We also help finance solar PV installations. If you have indoor projects, we offer kitchen, bath and basement remodeling solutions.
You probably understand the importance of the qualification process for your customers. You probably don’t just work with any random person you meet, and we work hard to do the same. We hope to turn to experienced home improvement contractors who are committed to their customers.
What Is A Purchase Plus Improvements Mortgage?
In order to work with Medallion Bank, you must have been in business for at least two years, have good credit, have a positive BBB rating, and have at least $1 million in provable income.
We’ve created desktop and mobile-optimized websites to help you manage your finances. You can also use the mobile app to submit applications from the comfort of your customers’ home. This means faster reconciliations and real-time evaluations to keep your customers happy.
After the loan is approved, you can start sending electronic documents by email. However, if you prefer a personal experience, you can call in loan applications and get immediate answers from a real person (not a machine), and download loan documents in PDF format to make signing easier.
We want all of our contractors to succeed. That’s why we offer free credit to prime customers. You should be rewarded for working hard and finding qualified clients. Plus, the quick home deals we discussed earlier can help you close more deals and increase your sales. If you need help with anything, we have a financial manager to support you. Here are some other benefits to consider when offering home improvement financing to your customers:
Home Renovation Financing & Loans
Once your home improvement project is complete, you can receive a Certificate of Completion signed by the customer and delivered electronically, via fax or email to begin financing. Funding is ACHed directly to your account, usually within 24 hours. You don’t have to wait to get your hard earned money.
We understand that not every problem or question can be solved online. You will have direct access to the Regional Sales Manager, Underwriters and Handlers to assist with any issues. If you need help with a financing strategy or an explanation of a specific loan decision, we’re here to help.
We have been around for a long time and provide a unique level of stability. We are invested in your long-term success as a respected Medallion Bank contractor. Sign up today to start enjoying the benefits and support of an experienced home improvement finance company.
Medallion Bank specializes in custom vacation loans and premium home improvement loans. Using over 15 years of professional lending experience, our team works directly with dealerships, contractors and financial service providers to offer quality financing to your customers (including those with past credit issues). Want to check out this blog? Call us today and you’ll be able to speak with a real person who can answer your questions. Whether your goal is to increase sales, streamline operations, or get paid quickly, Mosaic redefines the financing experience by helping your customers quickly finance their home improvement projects.
Home Improvement Financing Options
The hardest part of selling a home improvement project isn’t convincing the customer they need it, but helping them understand how to pay for it.
Flexible financing options cover a wide range of home improvement projects to meet any homeowner’s needs:
“Mosaic’s finance app has been a game-changer for professional contractors because it makes the finance part of any home improvement project simple and seamless…[the app] makes Mosaic a leader in the field.”
My favorite thing about partnering with Mosaic is our ability to offer incredibly competitive financing for our consumers, making the process seamless and stress-free. Mosaic has really helped us grow our company because we get a lot of customers who look at their financing options before they’re even ready to buy, and it’s amazing to see how much it helps them make their decision. Matthew Krom, RROC Exteriors
Powerpay And Leap Announce Integration Partnership To Provide Financing To Home Improvement Contractors
Time is of the essence, we’re focused on sales, and we don’t have time to mess around with a million different programs. Mosaic’s ease of handling our applications is key, and that’s why we’re increasingly using Mosaic. Mike Moley, SoCal Climate Control
We love working with Mosaic because of the versatility of the customer service, being able to get someone, a real person on the phone to answer questions, which has really allowed us to grow tremendously—we’re on track for another record year. The special plans they have for us have allowed us to achieve exponential growth. Patrick Mettler, 24/7 Services
Install a button on your website or submit a link so customers can get almost instant credit approval for home improvement loan financing available through the Mosaic platform. Learn more about SwiftLink’s one-screen loan application form that can be completed in seconds. Financing a remodeling project doesn’t have to be crap. Here’s a game plan for picking the best deal.
Until recently, borrowing money for a new kitchen, second-floor addition, or other home improvement meant going to the bank, meeting with a loan officer, and hoping for the best. Today, however, you have many more home improvement financing options. A mortgage broker, for example, can offer more than 200 different loan programs. And brokers are just one of many lenders willing to put together a loan that fits your situation, even if your credit history isn’t perfect.
Credibly Announces The Acquisition Of Proapprove And The Closing Of A $350 Million Forward Flow Agreement For The Purchase Of Home Improvement Installment Contract Receivables
This means you can borrow more money than you think. But with so many competing lenders, loan options and terms, it also means that shopping for home improvement loans can be just as complicated as searching for a home. You can skip all the confusion and choose the right loan program:
Whether you hire a contractor or tackle the job yourself, start with an accurate estimate of the cost of the project.
Lenders will insist on a specific figure before working with you. When you hire a contractor, start with a firm rate broken down by labor and materials. Then add 10 percent for surprises. For the work you will be doing yourself, make a detailed list of materials with the quantity, cost and exact total. Include permit fees and equipment rentals. Then add a 20 to 30 percent cushion just to be safe.
Once you know how much you need to finance your home improvement project, how much will you get? Despite the promises and hype lenders make in their ads and promotional materials, the amount you can borrow depends on your credit rating, loan-to-value ratio and your income. These factors also help determine the interest rate, the length of the loan, and whether you’ll pay points.
Home Improvement Loans For Good Or Bad Credit
Your credit rating. The best rates and terms go to A-rated homeowners with no delinquent payments in the last 12 months and maxed-out credit cards. One or two late payments or a credit card overdraft probably won’t put you out of the game, but you could end up with a higher interest rate and a smaller loan.
Lenders use a loan-to-value ratio (LTV), which is a percentage of your home’s appraised value, to determine the loan amount. The usual limit is 80 percent – or $100,000 for a home valued at $125,000 (0.805125,000). Lenders subtract your mortgage balance from this amount to get the maximum you can borrow. Assuming your balance is $60,000, the most you can borrow is $40,000 ($100,000 – $60,000 = $40,000). If you have a good credit rating, the lender may base your loan on more than 80 percent LTV; if you don’t, you might only get 65 to 70 percent.
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