RenoFi is a venture-backed financial technology company empowering a better way for consumers to finance home renovations.
American homeowners just spent weeks trapped in their homes. Every single one of them has identified a renovation that would have made their lives immeasurably better. The demand for home renovations will never be stronger once the recovery starts, yet, COVID or not, it's surprisingly difficult for a homeowner to renovate.
The shortage in affordable housing stock and the down payment barriers can result in a decade or more of payments to build up enough home equity and savings to pay for a major renovation. As a result, recent homeowners do a lot of financially-suboptimal things to compensate - like borrow from their 401k, rack up credit card debt, and use high-interest personal loans. Worse, they just live unhappily for years in a home that doesn't meet their family's needs.
RenoFi operates under the principle that by completing a major renovation, homeowners are increasing the value of their home. Professional real estate investors leverage this After Renovation Value (ARV) to roll the increase in value into new properties all the time. Until RenoFi, there hasn't been a great way for homeowners to take advantage of this.
RenoFi has created a suite of new financial loan products that are based on the expected value of the home post-renovation. By using the After Renovation Value, homeowners unlock the additional equity needed to finance their entire project (sometimes up to 10x the borrowing power) while ensuring they get the lowest rate possible. RenoFi is not the lender; instead, we provide the technology platform to power our lending partners. Our proprietary Renovation Underwriting Platform is what makes RenoFi Loans possible. Mortgage professionals are a great source of consumer demand for our products, We also market our loans directly to homeowners. After an eligibility review and some financial literacy work, they are matched to our lending partners. RenoFi receives a fee for bringing them new customers and to leverage our Renovation Underwriting platform. Importantly, RenoFi is free for homeowners, a win-win-win for everyone.
RenoFi is backed by some of the best startup investors in the world including First Round Capital, Comcast Ventures, and Canaan Partners.
The opportunity at RenoFi
If you are an experienced residential real estate professional looking for an opportunity to get in on the ground floor of a fast-growing FinTech changing renovation finance for the better, keep reading. As VP of Partnerships, your primary focus will be to connect with the real estate ecosystem (primarily realty & mortgage lending) to educate them about the ways in which RenoFi can help them thrive in a post COVID world. With RenoFi, buying agents can help their clients find homes faster by showing them homes they otherwise wouldn’t. Loan officers love RenoFi as it enables their clients to avoid the dreaded FHA 203K loans and instead close with the low-cost conventional loans they prefer to work with. Everyone wins when RenoFi is introduced into the fold and that is what this role is all about - forging win-win partnerships with the key players in the ecosystem.
Our ideal future teammate has the industry experience, network, and communication toolset to connect and build sustainable relationships with the most prolific mortgage banks & real estate brokerages nationally. To start this is a senior level individual contributor role with no staff reporting to this person. The expectation is that this will evolve into a management role as the company grows.
RenoFi is a 100% fully distributed organization, meaning there is no central headquarters or office to report to. Everyone in the company works remotely (though many of us choose to work out of a coworking space which is part of the employee perk system). As a fully remote organization, RenoFi is able to hire the best talent anywhere on the planet - and we have. We have teammates from Japan to Sweden to New York to SF and many places in between. At RenoFi we believe remote is the future of work and have taken great steps to be purposeful in building culture and communications for a remote-first environment. Moderate travel with the possibility of being heavy at times is expected for the role and thus the employee is expected to be based within the continental US.
Desired ExperienceFive+ years of residential mortgage exposureB2B business development experience, a plus for enterprise sales Eligible for State and Federal Mortgage Origination Licensure - existing licenses a plusFundamental understanding of any mortgage origination system, home loan sales and fulfillment processes, basic digital communication toolsA network of existing relationships - RenoFi is growing Nationally with a strong presence in the North-East, specifically the PA/MD/DC/NJ/VA region.Experience in setting goals, providing a regular cadence of progress and supporting the Executive team in building professional presentations and marketing productsExperience working in a distributed or remote work environment