The RenoFi Loan

RenoFi was founded in January 2018 by Justin Goldman, Robert Shedd, and Lee Miller, all three of whom are alumni of Penn State University. The concept of RenoFi Loans came from Goldman after he sought financing for his renovation in 2017 and realized he didn’t have enough equity for a home equity loan. He designed RenoFi Loans to be value-added loans that are more well-suited to renovation projects.

RenoFi currently offers two loan products: a “renovation home equity loan” and a “renovation HELOC.” The RenoFi Home Equity Loan is similar to a traditional home equity loan but uses the after-renovation value of the home to base the loan. The RenoFi Home Equity Loans offer fixed rates, and terms up to 20 years. Likewise, the RenoFi HELOC is a line of credit that is also similar to a traditional HELOC product but uses the after-renovation value of the home to base the loan and offers variable rates with a 10-year draw period, and a 20-year repayment period.

The RenoFi Story

“Eight years ago, my wife Megan & I, along with our one-year-old son bought our first home just outside of Philadelphia,” said Justin Goldman, RenoFi Co-Founder & CEO. Their home was built in the early 60’s and he knew there were a few projects like updating the kitchen they wanted to do within the first few years.

But renovating was expensive, and having just bought the home Justin didn’t have a ton of equity built up yet to tap for the renovation.

Mortgage refinancing wasn't an option
Justin learned about construction loans but unfortunately wasn’t aware that he’d have to refinance his mortgage to use one. Refinancing his mortgage was the last thing Justin wanted to do since he had a great rate locked in.

Justin’s family rapidly grew from three to five with the arrival of his youngest two children, and their renovation wishlist grew with too. “From the closed floor plan to a lack of storage space (I mainly blame the grandparents who can’t stop spoiling the kids for the space issue!), our house simply no longer worked for our family,” said Justin.

Justin loved everything about where he lived (their neighbors, the quiet street, etc., ) he just wasn't as in love with his home anymore.

The Birth Of The RenoFi Loan
Homeowners make huge financial and emotional investments in their homes and should love where they live. For Justin, loving where he live meant he needed to renovate.

Frustrated by the lack of simple loan options that would give him the credit for the increased home value up front, he knew there had to be a better way, and through this vision, RenoFi was born.

“I’m proud to say I am not only the founder, but a customer as well. Our home renovation was completed in 2020,” said Justin Goldman.

Important Disclosures and Information

Renovation Finance LLC ("RenoFi") is a financial technology company that operates an online marketplace that allows homeowners to view various financing options available through its partner lenders for residential home renovation projects. RenoFi works with lending partners to help make home renovation lending more accessible by offering loan products that leverage a home’s After Renovation Value (“RenoFi Loans”). RenoFi is not a lender, does not make credit decisions, nor does it issue loan commitments or approvals or rate lock-in agreements.

RenoFi Loans are not available in all states and not all homeowners will qualify. Terms and conditions apply, including acceptable membership requirements stipulated by third-party credit union lenders. Any loan options presented are illustrative of loan options for which you may pre-qualify and are not guarantees, loan estimates or approvals, or an indication of the lender’s credit decision. Eligible product loan details presented on renofi.com are preliminary based on the unverified information provided and actual loan details, including loan type, loan amount, rate, term, and monthly payments, could change and are determined by the lender. Rates are subject to rapidly changing market conditions. Closing costs apply and are determined by lender but will not be incurred until you finalize your loan.

RenoFi receives compensation from third-party lender partners for services rendered on loans funded through this program.

RenoFi (NMLS # 1802847) operates as Renovation Technologies Holdings Inc. in California (NMLS # 2412747) and as Renovation Technologies LLC in Nebraska. Visit Renovation Finance LLC's NMLS consumer access page or Renovation Technologies Holdings Inc.'s NMLS consumer access page.