PACE Funding Group changes name to Home Run Loans, adds new unsecured loan product
PACE Funding Group has announced that it has changed its name to: Home Run Financing and added a new, unsecured loan product called Home Run Loans. The company started in California in 2014 as a single product company: Property Assessed Clean Energy (PACE) financing for renewable energy, energy and water efficiency projects and later for storm paving and other public home improvements. The company launched successful PACE programs in Florida (2019) and Missouri (2020). Through their new offering, Home Run Financing provides contractors with a single source for their clients to obtain home improvement financing, with the option of choosing either unsecured loans or, if more appropriate, PACE financing, which is tied to the equity in their home. .
“Home Run Financing is the only residential financing provider to offer both PACE and unsecured loans to homeowners,” said Robert Giles, CEO of Home Run Financing. “We have learned over the years that customers like to have multiple financing options provided through a single source. We meet that demand.”
The PACE financing product is currently available in California, Florida and Missouri and can be used for renewable energy products, products that improve energy efficiency or water efficiency, and improve the surfacing of homes in response to earthquakes, wildfires and/or hurricanes, depending of state law. Approval for PACE is not dependent on a borrower’s credit score, as it is based on the homeowner’s equity in their home. PACE is strictly regulated to provide a high level of consumer protection.
Home Run Loans will be available in those three states plus Kansas, and can be used for a wide variety of home improvement projects, including the types of projects allowed under PACE, in addition to kitchen remodeling, bathrooms, flooring, room additions, accessory housing units, gazebos and many other projects. Home Run Loans provide the homeowner and contractor with a quick application and approval process, no income documentation, and no lien on the property.
Home Run Financing works with a wide national network of reputable, recognized contractors. Contractors can register through the program’s website to provide Home Run Loans and/or PACE funding. Homeowners can encourage their contractors to enroll in the program.
News item from Home Run Loans