Home Remodel Financing For Contractors | EnerBank USA (2024)

The remodeling industry is unique, and you may not have the time or resources to create a financing program of your own to fit both the needs of your customers and your business. That's why linking up with a financing provider can be a great step forward for your business.

Signs That You Need To Offer Financing For Clients

Have you found your contracting business struggling to close deals or attract new customers? You're not alone. Here are some common issues that contractors are experiencing in this busy and competitive market as well as how offering payment options can help negate them.

Home Remodel Financing For Contractors | EnerBank USA (1)

Customers Want Financing

Have your customers expressed interest in financing their projects, but you don't have the time and resources to develop your own program? EnerBank has you covered. With comprehensive loan products designed specifically for home renovation, there's a fit for every homeowner.

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Losing Out On Jobs

It's tough losing a job, especially when it's to your less-experienced competition, just because they advertise payment options. Research has shown that by including payment options as a part of your marketing, you can see a 50%* increase in leads and a better conversion rate.
*Based on the Brickyard Study conducted by EnerBank USA. 2018.

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Previous Bad Experience

Not happy with your current payment options provider or have had a bad experience in the past? EnerBank is different, and here's why: we're experts in home renovation — that means we can provide personalized service that you won't find elsewhere. Your dedicated relationship manager will be there to assist you with everything from business goals to branded marketing materials.

Why Work with EnerBank for Home Remodel Financing?

We're not your run-of-the-mill lender. Over the past 20 years, we've funded nearly a million home improvement projects to the tune of over $12 billion, providing specialized support to home improvement professionals and homeowners. This means we're not only experts in our industry, but we're an expert in yours too. Here are just some of the things that set us apart from the competition:

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A Choice of Application Methods

We've developed three easy, paperless ways for your customers to apply for financing. This includes applying online, through our app, or over the phone, and it also means no extra paperwork for you. Plus, the API can be integrated into your sales process, so it's as easy and convenient as possible.

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Dedicated Relationship Manager

Like an extra team member on your crew, looking out for you and your business, your dedicated relationship manager is committed to your business and will provide you with the support you need to be successful.

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Customized Marketing Materials

EnerBank provides high-quality marketing assets and other resources, including top-notch training designed to make offering payment options easier and more effective. This includes website integration, emails, flyers, and more.

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Excellent Customer Experience

We know remodeling projects can be stressful for everyone involved, and that's why it's our goal to provide the best possible experience to both you and your customers. With technology and loan products designed specifically for home renovation, you can rest assured that you and the homeowner are in good hands throughout the process.

Frequently Asked Questions

QWhat Kinds of Home Remodeling Can Be Financed?
AThe lending companies that specialize in home improvement financing can cover a variety of home improvement projects. This can be everything from the roof down to the foundation, and out into the yard. During your research, ensure that whatever company you're looking at provides funds for your line of work. Since EnerBank specializes in home improvement financing we can help just about any successful contractor offer financing to their customers.

QHow Can a Home Remodeling Contractor Offer Financing?
AThe first step is to establish a relationship with a lender. Do your research to find someone who provides the right tools and most aligns with your growth goals. Once you have a lender, create a strategy to implement financing into your sales process. The most important aspect of offering financing is making sure it's included in every bid you present. The more of a routine you make this, the more likely you are to enjoy the benefits that financing offers. Make homeowners aware of financing by mentioning it in all your marketing materials and on your website.

QWhat Are the Benefits to a Contractor to Offer Financing?
AContractor financing provides an easy way for your customers to pay for their projects without them having to seek outside funding. Offering financing can help you increase your leads, grow your average project size, close more deals, and more. Customers appreciate the ease and convenience that financing affords them, allowing them to get the project they want now without having to make compromises.

QHow Soon Does a Remodeler Get Paid when Customers Get Financing and Pay Later?
AIt depends on your lending partner. Some financing companies will send the funds to the homeowner who then pays you while others will deposit the funds directly to your account. Make sure you understand the process before signing on with a company. EnerBank usually get the money to the contractors within one business day after the loan has been approved.

QHow Can I Know Which is the Best Remodeling Finance Company?
AAs a contractor, working with a finance company that has a firm understanding of the home improvement industry, like EnerBank, can make all the difference. The loans and tools they have available can fit right into your business and strengthen the foundation your business has already built. You can also take advantage of any additional resources they have to help make your team and business the best it can be.

Start Offering Home Remodel Financing!

Have you asked yourself, "How can I offer contractor financing to my clients ?" Fortunately, it's easy to get started. Click the button below to fill out the form, and a member of our team will get back to you within two business days. Yep, it's that simple.

Get Started Now

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Home Remodel Financing For Contractors | EnerBank USA (2024)


What credit score is needed for EnerBank? ›

Support full spectrum of homeowner credit: 550 - 850 FICO. Contractors pay fees to bring homeowner customers to EnerBank.

What are the odds of getting approved for EnerBank USA? ›

Typically, 4 out of 5 customers are approved for an EnerBank USA loan, which means you can close more deals that you may not be able to otherwise.

What happened to EnerBank USA? ›

SALT LAKE CITY–(BUSINESS WIRE)–Regions Bank and home improvement lender EnerBank USA on Friday announced the acquisition of EnerBank by Regions has received regulatory approvals and is completed, effective today.

How does an EnerBank loan work? ›

It's simple: as a contractor, you meet with your client to provide a bid for a home improvement project, and while you're in the home, you can use our quick and easy paperless application process to help homeowners get approved in minutes for a specialized home improvement loan to pay for the project.

Is it hard to get loan from EnerBank? ›

With an EnerBank loan, your home is not used as collateral, there's no application fee, no closing or appraisal costs, and no prepayment penalties. Our paperless application process is quick & easy, and you can often receive a credit decision within seconds.

What is Fannie Mae minimum credit score? ›

Because Fannie Mae has a minimum qualifying credit score of 620, this should help more clients qualify together on the loan, allowing for the use of all incomes to determine what they can afford.

Who is the parent company of EnerBank USA? ›

Regions Bank, a subsidiary of Regions Financial Corp., has completed the acquisition of home improvement lender EnerBank USA. EnerBank employees join Regions as part of its Consumer Banking Group.

Can I pay off my EnerBank loan early? ›

Yes. You can pay the loan in full or in part at any time without penalty.

Is EnerBank a secured loan? ›

Start Offering Unsecured Loans Today

EnerBank offers a number of attractive loan programs with many tailor-made loan products for the home improvement industry. This is all we do, and we're ready to help you bring your business to the next level.

What is the interest rate for EnerBank loans? ›

*Credit and loans provided by EnerBank USA, Member FDIC, (1245 Brickyard Rd., Suite 600, Salt Lake City, UT 84106) on approved credit, for a limited time. 17.99% fixed APR, effective as of February 2022, subject to change. Minimum loan amounts apply. Interest starts accruing when funds are disbursed.

Who bought EnerBank USA? ›

--(BUSINESS WIRE)-- Regions Bank on Tuesday announced it has entered into a definitive agreement to acquire home improvement lender EnerBank USA , one of America's largest specialized home improvement lenders supporting homeowners and contractors through innovative products and digital financing solutions.

Are EnerBank and Regions Bank the same? ›

Youre in good company. Now that EnerBank USA is part of the Regions family, good things are ahead for home improvement contractors and homeowners everywhere!

What is a 12-3 flex loan? ›

Financing Option Two:

12-3 Flex solar loan begins with a 12 month deferred payment period from the time your solar system is installed. We then give you three opportunities to adjust your monthly payments by paying down your loan balance. Those opportunities come at months 12, 24, and 36.

Is EnerBank FDIC insured? ›

EnerBank USA is a highly rated bank by the FDIC, with a long history of strong earnings, high asset quality and excess capital.

How do I make a payment to EnerBank? ›


There's no charge to schedule one-time or recurring payments from a debit card or personal checking or savings account. Please be advised that Regions Bank | EnerBank USA accepts payments using a debit card but does NOT accept credit cards.

What credit score do credit unions check? ›

There are many different credit scores available to consumers and lenders. FICO® Scores are the credit scores used by most lenders, and different lenders may use different versions of FICO® Scores.

Can you finance a camper with 600 credit score? ›

The RV financing industry-standard ranges from about 660 to 700 FICO score, but there is a possibility your search for “RV financing with 650 credit score” can be fruitful because there is financing available for credit scores in the 500 to 600 range.

What is the minimum credit score you will need to borrow money? ›

To qualify for a personal loan, borrowers generally need a minimum credit score of at least 580 — though certain lenders have even lower requirements than that. However, your chances of getting a low interest personal loan rate are much higher if you have a “very good” or “excellent” credit score of 740 and above.

Can I get approved with a 574 credit score? ›

A credit score of 574 is a “bad” credit score, unfortunately. It is 126 points away from being a “good” credit score, which many people use as a benchmark, and 66 points from being “fair.” Such a score will make it difficult to get approved for a decent loan or line of credit.


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