The platform supports syndication for home improvement loans of up to $160,000 that may utilize income and residence verification as well as optional insurance.
A home improvement loan is a personal unsecured fixed rate loan that, in addition to a typical underwriting criteria, also may require verification of income and residence. These additional verification allow to reduce risk associated with credit risk and as such increase loan amounts and term. The Syndication Network supports Home Implement Loans up to $160,000 with a term of 48 to 84 months. Home Improvement Loan also allows for co-borrowers as long as they manage a joined direct deposit account and reside together.
At a point of application for a home improvement loan, an applicant is required to link their primary DDA account. We digitally analyze primary account transaction activity over the period of 24 months as well as in conjunction with credit report information determine DTI and what if scenarios.