Remodelmate Partners With SoFi To Make Home Renovation Loans Easier

Remodelmate, the platform streamlining home renovations, is now partnering with SoFi to help people finance their updates.

SoFi is an app that helps people spend, borrow, and save money through its platform. Its interest rates range from 5.99 percent to 16.24 percent. The app’s latest partnership with Remodelmate will offer loans up to $100,000, with low fixed or variable interest rates.

According to Homeadvisor, the national average of home renovations is  $43,206 for 2019. Now, Remodelmate users can apply online for a loan and expect a quick approval process.

Remodelmate lets users hire contractors, track renovation progress, and pay for services completely through the platform. The company said its partnership with SoFi helps it to expand these offerings, making it an all-inclusive app to facilitate major changes in a home.

Over the past year, Remodelmate has gained a lot of traction. The company partnered with Havenly to offer templated kitchen redesign and won AfroTech’s pitch competition back in November.

The Washington, D.C.- based company also offers a concierge service, where someone is hired to oversee all of the progress of renovation projects for a 10 percent fee of the total labor.

The company said it wanted to expand to Denver in 2019. AfroTech has reached out for comment on those updates.

SoFi’s financing will now give homeowners more leeway in building their own dream home.

“This partnership with SoFi brings us one step closer to becoming a one-stop home remodeling marketplace,” said Remodelmate’s co-founder Jon Amar in a press release. “No need to work with a bank, and no need for a HELOC, second mortgage, or other burdensome, complicated and outdated renovation financing options.”