Quorum x RenoFi | Renovation HELOC

Renovation HELOC Powered by Quorum & RenoFi

A unique financing solution that lets your clients borrow against their home's future value.

Homeowners with limited equity are often stuck—forced to wait or dip into savings to fund renovations. Quorum & RenoFi are changing the game by letting them borrow based on what their home will be worth after the upgrades—not just what it's worth today.

With no lender-controlled disbursements, homeowners have more flexibility over how and when they can access their funds.

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Why Choose Our Renovation HELOC?

Borrow Up to 95% LTV

Help clients borrow more using post-renovation value with higher loan-to-value ratios.

10-Year Draw Period

Clients can access funds anytime during a 10-year window.

20-Year Repayment Term

Extended repayment terms keep monthly payments low and manageable.

Loan Amounts from $25K - $750K

Offer financing that fits both cosmetic upgrades and major remodels.

Borrower-Managed Draws

Give clients control over when and how contractors get paid.

No Refinancing Required

Preserve low mortgage rates while unlocking new renovation funds.

Renovation HELOC vs Traditional HELOCs

Show your clients the value of a Renovation HELOC and help them access more equity, avoid refinancing, and fund renovations faster. Regular HELOC vs. Renovation HELOC

View the Renovation HELOC Rate Sheet

Stand Our with Smarter Lending Options

Use our marketing assets to educate your clients.

Saving for Something Good?

Use this customizable flyer to educate your clients and give them all of the details about the Renovation HELOC from Quorum & RenoFi.

Funding a Dream?

Share this checklist with your clients to help them prepare the required documents to apply for a Renovation HELOC.

Download the Flyer & Checklist

Frequently Asked Questions

Who is RenoFi?

RenoFi is a financial technology (Fintech) company that provides a lending platform leveraged by credit unions nationwide to offer renovation loans to consumers. Their loan products are intended for consumers looking for non-traditional loans to support their renovation, remodeling, and/or construction financing needs. The RenoFi team is made up of expert loan originators who are dedicated to providing expert information and personalized loan concierge services.

How is a Renovation HELOC different from a normal cash-out refi, home equity loan, or HELOC?

A cash-out refinance loan, home equity loan, or home equity line of credit (HELOC) allows your client to borrow against the current value of their home. A Renovation HELOC allows them to borrow against the after-renovation value (ARV) or future value of their home.

What does the application process look like for a Renovation HELOC?

The application process for your clients to apply for a Renovation HELOC is easy!

1. Prepare Documents: In addition to the standard information you need to provide when applying for any HELOC, like a credit report, commitment letter, 1003 Form, etc., you’ll also need to provide the following:

- Contractors Information: Includes basic contact information such as name, address, phone number, email, and company website.

- Detailed Cost Estimate: This is used by the appraiser to assist in determining the after-renovation value of the home. This should at least be a subcategory cost breakdown and general scope of work.

- Renovation Plans and Drawings: May include architectural and structural plans, addition plans, floor plans, renderings, front elevation plans, or any other designs, drawings, and plans to be used by your contractor for the project.

- Preliminary Renovation Contract: Should include a proposed payment schedule, change order procedures and an approximate timeline. You don’t need the contract to be signed to apply for the loan.

2. Submit the Application Online: To apply a Renovation HELOC, click here.

3. Submit Documents Online: After submitting application, upload the required documents (listed above) in the Borrower Portal.

4. Application Status: You will receive an email notification regarding your application the status. If additional information is needed, you will receive a call from Quorum.

5. Pay Appraisal Fee: If approved, RenoFi will order an appraisal and will contact you to collect the appraisal fee.

6. Prepare For Closing: Once the loan conditions are satisfied and you have received your approval, we will contact you to schedule closing.

How is the after-renovation value of the home determined?

The after-renovation value of your client's home is determined by the getting an “as completed” appraisal on their home. The appraisal is based on the condition that the proposed renovation plan is completed and is coordinated by RenoFi.

How do I become an approved broker partner?

To become an approved broker partner, fill out the form at the top of this page or email us as mortgagesales@quorumfcu.org.

How do I receive Borrower-Paid Broker Compensation?

You must be an approved partner to earn compensation. Contact your Account Executive or email us mortgagesales@quorumfcu.org to see if you are eligible.