Last Revised: March 7, 2024
Thanks for choosing RenoFi for Contractors to help make more renovations possible!
These Contractor Platform Terms of Use (“Platform Terms”) apply to your use of the RenoFi for Contractors platform and services available through the platform (“Platform Services”), and the website Terms of Service (“Website Terms”) apply by accessing RenoFi’s services through www.renofi.com (the “Site”). By using RenoFi’s platform and Platform Services, you are agreeing to these Platform Terms and the Website Terms, which results in a legal agreement between you and Renovation Finance LLC and/or Renovation Technologies Holdings Inc. (collectively, “RenoFi”, “we” and “us”). In these Platform Terms and the Website Terms, “you” and “your” refer to the user of the platform. You consent to the Platform Terms and Website Terms individually and as an authorized representative of your business. Please read these Platform Terms and Website Terms carefully. If there is a conflict between these Platform Terms and Website Terms, these Platform Terms will control with respect to the account portal and Platform Services.
Your use of RenoFi’s platform and Platform Services are subject to an AGREEMENT BETWEEN YOU AND US TO ARBITRATE DISPUTES that may arise from your use of the RenoFi platform and Platform Services. The full terms of the arbitration proceeding are located here: BINDING ARBITRATION TERMS. Please read those terms carefully. By agreeing to arbitrate, YOU AND US ARE EACH WAIVING THE RIGHT TO A TRIAL BY JURY OR TO PARTICIPATE IN A CLASS ACTION.
You are required to create an account to log-in to RenoFi’s secure platform to: (a) complete the diligence questionnaire to allow RenoFi to verify basic information for the lender about your business (license, insurance, etc.), and upload renovation project documents (contract, plans, blueprints, detailed cost estimates) to allow RenoFi to conduct, on the lender’s behalf, a review of the renovation project, (b) with the consent of your client(s), submit contact information of your clients who are interested in learning about financing options available through RenoFi, (c) access tools available only to verified contractors, and (d) access marketing tools and educational materials and resources unique to contractors. You may also be able to access RenoFi Designs for Contractors and the calculator tool through the platform although these services may be accessed and used without creating a log-in account. These services are described more fully below, and, regardless of whether you access them through the platform or not, are collectively referred to as the Platform Services.
When you create a log-in account, you agree to provide and maintain true, accurate, current, and complete information about yourself. RenoFi reserves the right to terminate accounts that are inactive for an extended period of time.
Lender’s Contractor Due Diligence & Renovation Project Review
If your clients are interested in pursuing or applying for a RenoFi Loan (any loan where the loan amount is determined using the home’s After Renovation Value or “ARV”) or a personal renovation loan, our lenders request that we collect and review certain information about you, the contractor, and the renovation project. The purpose of this review is to help the lender evaluate whether it can provide you RenoFi Loan based on the ARV, or a personal loan for your renovation project. The renovation review services are completed for the lender’s benefit only.
RenoFi is not obligated to share or provide you with any information resulting from or conclusions or observations from its renovation review. If RenoFi chooses to share any information resulting from or the results of its review, this is for informational purposes only and should not be relied upon by you that RenoFi has vetted and/or approved you, your business, or the renovation project. RenoFi’s undertaking of or its completion of its review of the contractor and/or renovation project, is not an endorsement or evaluation of the business, or your skill, abilities, or workmanship.You will not make any representations to your clients or prospective clients that you’ve been vetted, endorsed by, approved or similar language indicating any type of endorsement by RenoFi.
RenoFi is not obligated (and may be prohibited by applicable law) to share or provide you with any information it obtains or results from the lender’s review of your client’s loan application and file. RenoFi may share file status updates with the consent of your client.
RenoFi’s completion of its review process does not guarantee that your client will be approved for financing. Unless you are located in Texas, lenders will disburse loan proceeds directly to your client and your contract with the client determines your payment schedule. RenoFi has no responsibilities whatsoever for your client’s payment to you. In Texas, lenders use a draw request and inspection structure and require that all parties (the contractor, the client, and the lender) approve any inspection reports and draw requests prior to disbursing the funds.
RenoFi has no responsibility or liability to you, or your clients related to the renovation plans, the selection of subcontractors or suppliers, or the quality of any labor, materials, workmanship, or services provided by any subcontractor or supplier. RenoFi’s renovation review and any indications, results, observations from that review process are neither an indicator that RenoFi recommends, approves, vets or endorses any contractor and/or supplier nor any guarantee that the renovation project will be completed nor that the workmanship meets any particular standard or will be completed according to a contract or design plans separately agreed by you and your client or prospective client.
The renovation review is completed as of a certain date and RenoFi does not, and has no obligation to, continuously or periodically monitor, review, track, or update any previously obtained contractor information. You are responsible for maintaining accurate information submitted to the platform.
RenoFi receives compensation from lenders for completing the renovation review services on its behalf; there is no charge to you.
Client Recommendations
With the consent of your client, you may submit your client(s)’ or prospective client(s)’ contact information to RenoFi for the purpose of RenoFi contacting your client about financing options. You agree that you may only provide RenoFi your clients’ contact information with your client’s consent. Submitting contact information does not indicate or guarantee that your client(s) may qualify for financing options available through RenoFi.
Verified Contractor Services
When you have successfully completed RenoFi’s review process, you become a RenoFi verified contractor. RenoFi verified status does not reflect any endorsement, required use, or approval of the contractor, nor any representation or guarantee of the contractor’s workmanship or business skills, nor any guarantee that your clients or prospective clients will be able to obtain a loan. Verified status does not guarantee that you will successfully complete the renovation review process for any future renovation projects.
A verified status only means you are eligible for select additional benefits through RenoFi. Based upon homeowner requests, RenoFi may offer homeowners recommendations for RenoFi verified contractors in select locations. If you opt-in, you may be included in the available contractor pool for contractor recommendations. RenoFi will provide homeowners multiple contractor recommendations if possible, and no homeowner is required to use any contractor that RenoFi may recommend. A homeowner’s selection of a contractor is the sole responsibility of the homeowner. You will not be provided any preferential treatment (ex. prominent placement, listed first in a list of contractors, denoted as “preferred” or similar language indicating a preference over another contractor, etc.).
RenoFi may also provide verified contractors with advertising materials. When you use any of the advertising materials or content, you agree to the General Contractor Marketing Program Terms & Conditions.
RenoFi Design for Contractors
RenoFi Design for Contractors gives your clients access to RenoFi Designs, a spatial design service with 3D conceptual design plans that enable you to align with your client on the scope of the renovation project and provide a cost estimate on the renovation project. RenoFi Designs uses spatial planning design experts to provide the RenoFi Designs services and create the design plans. Note, these are not licensed architects or certified/accredited interior designers, or general contractors. All design plans are preliminary and conceptual; and are based on homeowner provided photos and/or scans and may not reflect exact measurements or conditions. Design plans provided through RenoFi Designs, even those marked or identified as “final” plans, are not meant to replace architectural or structural engineering plans and are not to be used for construction or building. If you and your client decide to move forward with the project, you or your client will have to obtain at your or your client’s expense additional construction/building plans that meet requirements for your locality. RenoFi does not research local regulations around building setbacks, impervious surfaces, and similar requirements, and consequently, these requirements (even if they could impact the design) are not reflected in any prepared design plans.
You may be provided advertising materials to promote your use of RenoFi Design to your clients. When you use any of the advertising materials or content prepared or supplied by RenoFi, you agree to the General Contractor Marketing Program Terms & Conditions.
You may be invited to provide a cost estimate for the conceptual design plan. While you should be as accurate as possible in your estimates, these are provided to clients as preliminary and for illustrative purposes only, and are not binding upon you or the client.
The cost estimates should be based on current market conditions and your understanding of the client’s requested level of finish and reflective of the design concepts represented in the delivered design plans. Actual project cost may be higher or lower than the cost estimate, and will be different if you and/or your client change the scope of work, level of finish, and/or other elements of the design project. Cost estimates do not include the costs that may be required to obtain architectural, structural engineering and/or additional construction/building plans that meet requirements for your locality, permits needed for your project and locality, and other costs not directly related to the elements of the design plan.
Cost estimates may also include information on potential financing options; financing options are presented by a separate division of RenoFi which offers loan brokering services. You and your clients may use RenoFi Designs without using RenoFi’s loan brokering services or otherwise financing for the renovation project. RenoFi Designs is available to any homeowner.
The cost for RenoFi Designs is paid by your client; there is no cost to you to refer your clients to RenoFi Designs.
Calculator Tool
The renovation financing calculator tool is illustrative and intended for educational purposes only. The information provided does not represent all available financing options in the market, nor does it ensure the availability or eligibility for any specific product, rate, loan amount or other loan term. Actual available rates, loan products, loan amounts and other loan terms are subject to change and determined by lenders based on an evaluation of credit, income and other information provided in a loan application with the lender. Payment amounts do not reflect any taxes, insurance, PMI or other fees that may apply.
Marketing Tools
RenoFi may offer select advertising services in your geographic market to allow you to promote your renovation work. When you use any of the advertising materials or content prepared or supplied by RenoFi, you agree to the General Contractor Marketing Program Terms & Conditions.
You are responsible for maintaining the confidentiality of your login account and password and are fully responsible for any and all activities that occur under your login account and password. You agree to (a) not permit others to have access to or use your username and/or password, (b) immediately notify RenoFi of any unauthorized use of your login account and password, or any other breach of security, and (c) ensure that you exit from your login account at the end of each session when accessing the Platform Services. RenoFi will not be liable for any loss or damage arising from your failure to comply with this Section.
RenoFi does not solicit or collect any fees for any services it offers to contractors. RenoFi employees will never ask for your payment information.
To use the RenoFi platform and Platform Services, you must be at least eighteen (18) years old or the age of majority in your state, be able to enter into legal contracts, and legally bind yourself and the company you are authorized to represent; agree to these Platform Terms and Website Terms and any other linked terms or conditions that form part of your agreement with us; be located in the U.S.; and not be included on any lists maintained by the U.S. prohibiting transactions with and the export of U.S. products/services to certain entities, people and jurisdictions. We reserve the right to refuse service and change any of these eligibility requirements at any time.
By using the RenoFi platform or any Platform Services, you represent and warrant that you meet all of the above requirements and that you won’t use the platform or your login credentials in a way that violates any laws or regulations. By making this representation and warrant, you are making a legally enforceable promise to us.
RenoFi uses and discloses your Content as described in its Privacy Policy. The section “How We Use Your Information” describes how RenoFi uses your Content, and the section “Sharing and Disclosure” describes the circumstances and to whom it shares or discloses your Content.
RenoFi may establish the maximum period of time that your information will be retained and the maximum storage space that will be allotted to your information on RenoFi’s servers. You agree that RenoFi has no responsibility or liability for the deletion or failure to store your information maintained by or uploaded through the RenoFi platform and Platform Services.
THE RENOFI PLATFORM AND PLATFORM SERVICES ARE PROVIDED ON AN “AS IS” AND “AS AVAILABLE” BASIS AND, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, RENOFI MAKES NO WARRANTIES, PROMISES OR REPRESENTATIONS OF ANY KIND, EXPRESS OR IMPLIED, IN RELATION TO ITS SERVICES. Refer to the “Disclaimer of Warranties” section in RenoFi’s Website Terms for more detailed information.
Your use of the RenoFi platform and Platform Services are subject to the limitation of damages and liability described in the “Limitation of Liability” section in RenoFi’s Website Terms.
By using the RenoFi platform and Platform Services YOU AGREE TO ARBITRATE DISPUTES that may arise from your use of the RenoFi account portal and Platform Services. The full terms of the arbitration proceeding are located here: BINDING ARBITRATION TERMS. Please read those terms carefully. By agreeing to arbitrate, YOU AND US ARE EACH WAIVING THE RIGHT TO A TRIAL BY JURY OR TO PARTICIPATE IN A CLASS ACTION.