Watercress Financial Group, a point-of-sale originator of home improvement loans to consumers through a broad network of high-quality contractors across the U.S., closed a $100 million revolving credit warehouse facility with DZ BANK.
The partnership will enable more access and liquidity for contractors to offer term loans for up to 15 years to consumers to finance home improvement projects such as HVAC, roofing, plumbing, electrical, remodeling and other similar verticals.
“We believe that DZ BANK will be a key partner in supporting our growth,” Rob Young, president and chief credit officer at Watercress Financial, said. “Our new DZ BANK warehouse allows us to continue diversifying our financing options and build financing capacity to support the accelerating growth we are experiencing in our best-in-class home improvement lending program. Together with the support of existing financial partner, MGG Investment Group, we are well positioned to continue to meet the needs of contractors and homeowners nationwide.”
“We are excited about the opportunity to work with a rising player built around a highly experienced, best-in-class management team in the attractive home-improvement financing space and to facilitate Watercress Financial’s next phase of growth,” Markus Fassbender, vice president at DZ BANK, said.
