Renovate America, the Rancho Bernardo-based company that facilitates and provides financing for home-improvement projects, said Aug. 23 it had sold a third set of loans from its Benji portfolio.
Benji is the division of the company that makes unsecured home-improvement loans.
The sale, of $38 million in loans, was to an unidentified regional bank in North America.
Renovate has sold loans from its Benji portfolio twice previously: $90 million in December and $34.5 million May, bringing the total volume sold to more than $160 million.
The company, which has financed more than $200 million in loans in 39 states through the program, said Benji is slated to be available in all 50 states by year's end.
Renovate is best known for its residential HERO financing, through which it facilitates property-assessed clean energy (PACE) loans. PACE, a state-run program, involves loans paid back by homeowners via an additional line item on their property tax bills. The program is intended to encourage improvements related to energy efficiency, such as the addition of solar panels.
Renovate is the nation's largest PACE provider. Owners of more than 115,000 homes have used its HERO financing for improvements since it launched in late 2011.
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