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Renofi Reviews. Is renovation possible with Renofi in 2024?

Want to renovate your home but are running out of money? This blog post is dedicated to “Renofi Reviews,” which has the potential to fund your renovation expenses. 

In this blog post, we’re going to understand all about Renofi, how it works, how you can apply, the rate of interest charged by it, and many more queries related to it. 

So let’s explore all about Renofi Reviews.

What are Renofi Loans?

RenoFi is a company that has partnered with other lenders that use RenoFi’s technology to provide loans for those who want to renovate their homes.  The arrangement of the loan is done with the help of a third party or lenders. 

Do they share or sell your information?

RenoFi won’t sell your information to anyone; they just share limited information with lenders regarding loan allotment and queries related to loans.  Apart from that, they keep the confidential information of customers with them only.

Who is the founder of Renofi Loans?

Justin Goldman is the CEO and co-founder of RenoFi. He is from Wayne, Pennsylvania, USA. Recently, he congratulated his team for being a top-10 finalist in the 2023 Ivory Prize. 

His vision is to finance homeowners to renovate their homes all over the US. 

Apart from this, Lee Miller is the co-founder and president, and Rob Shedd is the co-founder and CTO of RenoFi Loan.

For whom are Renofi Loans made?

Mainly, this loan service is for those who want to renovate their home. For this, they use financial technology, through which lenders and borrowers meet in one place. 

History of RenoFi Loans

In 2017, Justin Goldman realized that he wouldn’t have any equity for a loan, and that’s how the concept of a RenoFi loan arose. 

In January 2018, Justin Goldman, Lee Miller, and Rober Shedd started RenoFi. All of them are alumni of Penn State University. 

Step-by-step guide on “How to Apply for a Renofi Loan”

Note: Here we’re selecting “Renovating my current home,” and based on that, we’re providing a guide for further steps. 

On their official website, you need to click on “Finish Application” at the top of the page. 

  1. Selection of project: Now select the project for which you’re applying for this loan. You’ll find options like home renovation, renovating the home I’m buying, accessory dwelling units, and building a home from the ground up. 
  2. Enter the Loan Amount: Now you can enter the loan amount from $1000-$5,50,000. Now click on continue.
  3. Enter the estimated cost of renovation. 
  4. Enter the property address: – For this, you need to fill up details like the address of the property, city, country, state, and zip code. 
  5. Enter the worth of your property: You’ll get this option if RenoFi fails to find the exact address. Now you can enter the estimated worth of your property. It starts at $10k–$2m.
  6. Get the expected ROI: Here you’ll get the expected ROI after renovation. 
  7. Enter your estimated remaining mortgage balance. 
  8. Enter your estimated credit score: – Here you’ll get a list of credit scores. 
  9. Insert personal details: first name, last name, email address, and phone number.
  10. At the end, you’ll get the name of the lending company that suits your needs and the information you’ve entered. They’ll also provide a landing page for the landing company, and you can apply for a loan easily. 

Note: As we discussed above, depending on the type of property application, options may vary. 

How much can I borrow from Renofi Loan?

You can borrow from $25k to $500k. For more calculations, you can visit their official website and calculate it by changing variables like the current home value, remaining mortgage balance, and expected value of your home after renovation.

How do Renofi Loans Work?

First and foremost, RenoFi is not a lender. They had connections with other lending firms, and RenoFi just works as an intermediary between borrowers and lenders. 

RenoFi provides the technology to enable a smooth process. 

USP of the Renofi Lending services.

Here are some USP’s for RenoFi loans. 

  • Loan based on after-renovation value: Most of these borrowers get loans based on the current value of their property, but this won’t happen in the case of RenoFi. 
  • You can borrow up to 90% of the after-renovation value. This helps borrowers renovate their dream home without thinking much about funds.
  • No refinancing is available. – Standard loans and construction loans require refinancing, but this won’t happen in the case of RenoFi. 
  • Easier than construction loans: In the case of KD construction loans, the involvement of contractors, inspections, and much more paperwork are present, but this won’t happen in the case of RenoFi.

Also Read:- Meritize Loan Reviews. Is this loan good for students.

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The interest rate charged by Renofi Lons

As of now, the interest rate depends on the lender to lender; that’s why we’re unclear about the interest rate charged by them.

Who are the partners of Renofi Loans?

They’ve partnered with loan officers, credit union contractors, and realtors to make the loan process smooth. 

How can I contact Renofi Loans?

  • Email:-
  • Contact No. 8557366341
  • Office Address: Renovation Finance LLC, 2400 Market Street, Suite 235A, Philadelphia, PA 19103. 

Renofi Loan Reviews. Homeowners Testimonials. 

Norris B (name changed)

The list of lenders they provide is genuine and has low-interest rates. I can say that the work is really good in this field. 

Clara (name changed)

I mean, I was fed up while applying for a construction loan. Later on, I googled “renovation loan provider” and found RenoFi. I can’t imagine how supportive their staff is. 

Virginia (name changed)

It is easy to calculate the estimated cost of a loan, and lenders are great. I’ll renovate my home in the next 2–3 months.

Jonathan (name changed) says

It seems good; this is one of the best renovation aid ideas. Kudos to them.

FAQ’s on Renofi Reviews. 

What is the maximum limit for borrowing a loan on RenoFi?

You can borrow up to $500,000.

Is refinancing compulsory?


I purchased a new home; can I use a RenoFi loan?

Yes, you can use RenoFi even if you’ve purchased a new home.

Conclusion on Renofi Reviews.

RenoFi is a platform where a borrower (who wants to renovate their home) and a lender want to lend loans again at a minimum interest rate. 

On their official website, you can apply for the loan by entering accurate information. At the end, you’ll get a list of the best lenders with the lowest interest rates.

Overall, it is important to seek consultation from your financial advisor and later decide whether you should go with this loan or not. 

Thanks for reading.

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