Written by: Leonard Parker | Solar News | 07th July
PACE Funding Group announced that it has changed its name to Home Run Financing and has added a new, unsecured loan product called Home Run Loans. The company started in California in 2014 as a single-product company: Property Assessed Clean Energy (PACE) financing for renewable energy, energy- and water-efficiency projects, and later, for storm-hardening and other public benefit home improvements. The company launched successful PACE programs in Florida (2019) and Missouri (2020). Through their new offering, Home Run Financing provides contractors with a single source for their clients to obtain home improvement financing, choosing either unsecured loans or, if it is a better fit, PACE financing, which is tied to the equity in their home.
“Home Run Financing is the only financing provider in the residential sector offering both PACE and unsecured loans to homeowners,” said Robert Giles, CEO of Home Run Financing. “We’ve learned over the years that customers like having multiple financing options, provided through a single source. We are meeting that demand.”
The PACE financing product is currently available in California, Florida and Missouri and can be used on renewable energy products, products that improve energy efficiency or water efficiency, and home hardening improvement related to earthquakes, wildfires and/or hurricanes, depending on state legislation. Approval for PACE is not dependent on a borrower’s credit score, as it is based on the homeowner’s equity in their home. PACE is tightly regulated to provide high levels of consumer protection.
Home Run Loans will be available in those three states plus Kansas, and can be used for a wide variety of home improvement projects, including the types of projects allowable under PACE in addition to kitchen remodels, bathrooms, flooring, room additions, accessory dwelling units, gazebos, and many other projects. Home Run Loans provide the homeowner and contractor with a quick application and approval process, no income documentation, and no lien on the property.
Home Run Financing works with a broad network of reputable, licensed contractors nationwide. Contractors can register via the program’s website to provide Home Run Loans and/or PACE financing. Homeowners can encourage their contractors to sign up with the program.
News item from Home Run Loans