Home Improvement Lending with EnerBank

It’s a big business that can be costly and
confusing to those of us that want or need to renovate our homes. Today, to help us navigate
through the whole remodeling, construction process. We have 2 experts with us, Architect,
Alberto Ramudo specializes in designing and remodeling homes and offices. He’s from Icon
Design Group. Charlie Knadler, President and CEO of EnerBank USA, also joins us. EnerBank
helps homeowners realize their home improvement dreams by specializing in providing them with
payment options to fund their home improvement projects. So we have an expert on designing
and planning home improvements, and we have the expert on paying for those home improvement
projects. So guys, I have to say thank you so much for being here. We really appreciate
it. Our pleasure Debi. Alberto, let’s go ahead and start with you. What type of home improvements
are we seeing for homes today? Well, there’s usually 2 types of home improvements. One
is the want and one is the need. OK, want and need. Correct. The need is, obviously,
immediate repairs that may need to or that has to be done right away. The want is the
improvements to the lifestyles of the individuals. OK. And, typically what we do is when we sit
with the homeowners is we ask them to write a list, or wishes that they want to improve
their house with. Got it. So we then, at that point, help them navigate through the process
what is gonna take place. All the way from selecting a contracting to the banking or
the financing of the house. So for our viewers watching right now and they’re thinking – I
can do this. I don’t need a contractor. As an architect, what would be your answer? Don’t
do it. OK. It’s an incredible process and people have no concept of what it takes to
do it. Right. I can go through a long story. But it would be a costly mistake for a lot
of homeowners. Absolutely. OK. And speaking of the money, Charlie, that’s your cue because
your company actually specializes in home improvement lending. Yes we do. In fact, it’s
all we do. OK. For more than a decade we’ve partnered with contractors in all 50 states
to fund hundreds of thousands of home improvement projects. What’s unique about the EnerBank
model is that we form a partnership that creates a win-win situation for the homeowners and
the contractors they select for their project. EnerBank allows the contractor to extend their
value to the homeowner by providing a choice of payment options and then letting the homeowners
decide which one works best for them. That’s perfect. And I think a lot of homeowners wait
until they actually have cash on hand to do a home improvement project. Have you seen
that too? What we’ve learned from working with hundreds of thousands of homeowners across
the country, is that whether your project is a kitchen remodel or replacing your furnace
or roof, homeowners do not have the access to the project pricing resources that they
do for other purchases, such as cars, vacations, or even homes. I mean it makes sense. They
could be very costly as we said before, yeh. Did you know that about 50% of projects over
$5,000 are financed? Really. Let me tell you why. OK. Let’s say a homeowner wants to remodel
his kitchen. He finds design ideas online and saves $20,000 for the project. Then he
brings in a professional who shows him what he really can do to transform his kitchen.
But the price tag is $35,000. Right, then he’s at that dilemma, what do I do? If the
contractor works with EnerBank he can offer the homeowner payment options like a 12 month,
same as cash loan, or a low interest loan. You can see that homeowners can easily underestimate
the cost of a project. Right. With EnerBank contractors provide a way for homeowners to
move forward with their project with an easy way to pay. Let’s talk about when a homeowner
should finance a project. Financing can actually reduce your risk on a home improvement project.
Contractors must be authorized to participate in our loan programs. OK. Our payment options
are unsecured. Meaning your house is not used as collateral on the loan. What about the
return on your investment? Investing in your home is a great financial decision. Yeh. Some
projects deliver an immediate ROI, such as something as simple as replacing a front door.
OK. Then there are others that protect your home’s value. Such as fixing that leaky roof.
Right. And Alberto, like you said at the beginning that knowing what you want to do, having a
good a concept, and then choosing the right contractor. They’re all so important. It is
Debi, and believe me a contractor can make you or break you. I mean there’s some incredible
horror stories out there, but if you focus on what it is that you want. Right. And choosing
the right contractor, it will make the process so much smoother. Yes. Do you agree Charlie?
Absolutely. Our authorized contractors have a mutual interest in completing the project
to the homeowner’s satisfaction in order to be paid. Right. Homeowners should also take
responsibility. They should be proactive in screening their potential contractors. Ask
for licenses, references, and be sure to check their reputation online and with the local
Better Business Bureau. What about the process of actually getting a loan? We’ll ask you
that Charlie. Our process is quick and easy. Remember our homeowner who didn’t expect his
kitchen remodel to cost as much as the estimate? He was surprised. Let’s say he decides to
pay for his project with the $20,000 he already saved up, and borrowed the remaining $15,000
using our 12 month, same as cash loan. OK, so what would be the process? Is it hard?
To apply, all it takes is a quick phone call to EnerBank and he will receive a credit decision
in about 10 minutes. Because of our choice of payment options, we’re able to approve
about 4 out of 5 applicants. Wow, that’s great. I have to thank both of you for being here
because I’ve learned a lot through this process. I know our viewers probably feel the same
way. And to have 2 experts here guiding us along the way. Having an architect. Alberto,
thank you so much for being here. My pleasure Debi, and remember it’s always so important
to do your homework at the very beginning, and make sure that you prequalify and know
what you want. Absolutely. It makes life a lot easier. Yes, on all parties, right? On
all parties. And Charlie, we couldn’t do it without you, the financial aspect. So thank
you so much for being here. Thank you for having me. We are proud of the work we do
and the impact we have on homeowners and contractors across the country. What drives all of us
at EnerBank is that everyday we help home improvement contractors grow their businesses
and homeowners achieve their dreams. Absolutely, that’s what it’s all about. Gentlemen, thank
you so much. Our pleasure. Well, to see this portion again, please go designingspaces.tv
and we’ll see you next time. Thanks for joining us.
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