Coromandel Capital provided a $25 million credit facility to Chowder, a home improvement-focused financial technology company. This is the first credit facility Chowder has secured.
The $25 million facility, which includes an option to increase, will allow Chowder to scale its contractor, distributor and manufacturer network. Chowder will also be able to expand the offering of its flexible payment options to homeowners who have limited or no access to credit for home improvement purchases.
With an approval rate of 86%, Chowder’s lease-purchase program offers consumers flexible payment options for HVAC, water treatment systems, fences and other home systems from participating home improvement contractors.
“The ability to close Chowder’s first debt facility speaks volumes to the progress we’ve made over the last year. The team at Coromandel Capital has been nothing short of amazing to work with,” Danny Collier, co-founder and CEO of Chowder, said
“We are ecstatic to partner with Chowder. The team has deep roots within critical functions in specialty finance and fintech and are addressing unmet needs in large markets,” Rob McGregor, co-founder and managing partner of Coromandel Capital, said.
