Daily News: December 26, 2017

Renovate America Increases Credit Facility with M&G Prudential

Renovate America, a provider of home-improvement financing, closed a $40 million credit facility increase with M&G Prudential, with ING Capital as the deal agent. The financing will support the continued expansion of HERO, a widely used property assessed clean energy product.

ING Capital brought in Prudential as a syndicate partner to build on an existing multi-year $40 million credit facility, bringing the total available capital under the line to $80 million. It bolsters Renovate America’s financial position with enhanced liquidity and further diversifies the company’s funding profile.

Since launching six years ago, HERO financing has been used to make energy, efficiency and resiliency improvements across more than 110,000 homes in California, Florida and Missouri.

HERO empowers homeowners to replace their windows and doors, upgrade their HVAC, go solar, and more, and pay for the improvements over time at a fixed interest rate via an additional, voluntary line item on their property taxes.

Renovate America offers a tech-enabled financing platform for home improvement and commercial retrofits that empowers communities to modernize and make their housing stock more efficient, while giving small businesses the tools they need to grow.