Why Inglenook

Why Inglenook:

Contractor Need

Contractors like you make a significant investment to support your customers.  It starts with supporting infrastructure such as a facility, call center, vehicles, etc.  Next, you must invest heavily in marketing & advertising to generate customer opportunities.  Finally, you must invest in service, sales & installation staff with sufficient capacity to address emergency projects right away during peak seasonal periods.  All of this investment is a prerequisite, plus ensuring quality at each step to support a great reputation and referral business.

When a contractor has made this investment and your sales/service staff have executed well to be selected by a homeowner to perform a home repair project, the worst news you can receive is that the project is at risk of being lost because the homeowner is unable to obtain credit.  If the project does not move forward, your investment in infrastructure, advertising to generate the lead and sales/service staff time that could have been on another call is lost.  Commissioned sales and service staff are also unhappy because of the lost income.  Alternatively, if the project moves forward with high-cost financing, the customer relationship is often damaged because the homeowner feels you have taken advantage of them because of the onerous financing terms.  Lost future business and negative online reviews make this unappealing to you as well.

Inglenook was founded to address this need.  Inglenook’s fast, affordable home equity loans allow contractors to rescue more sales and create a positive customer relationship.  Contractors can now provide high quality service to a broader array of customers.  Inglenook’s higher loan limits and longer repayment terms allow contractors to offer higher-efficiency equipment options that help homeowners save money on utility bills for years.  Inglenook’s rapid approval process allows you to close sales and initiate work on emergency projects the same day.

By closing more sales, contractors grow profits with Inglenook.  Because your investment in infrastructure, advertising and overhead is fixed, each rescued sale adds only variable costs of labor, materials and commissions.  No other investment can drive greater profits for your business than rescuing credit-decline lost sales via a “second look” loan from Inglenook.

 

Contractor Benefits

  • Sales: Rescue and close more credit decline sales each month.
  • Profit: Grow monthly profits, up to 76%.
  • Overhead: Leverage fixed investment in monthly overhead, marketing, infrastructure, etc. to generate more revenue.
  • Upgrades: Higher loan limits allow sale of upgrades and higher efficiency equipment.
  • Close Rates: Tool for sales staff to improve close rates and earn higher commissions.
  • Customer Service: Serve vulnerable customers recovering from a life event (lost job, divorce, health issue, etc.) with an affordable credit option, who would otherwise be declined.

Homeowner Need

Since the housing crisis nearly a decade ago, a homeowner could not obtain a mortgage loan for purchase or refinance without an A credit score.  However, life events occur such as a lost job, divorce, health issue, etc.  These life events can drive a homeowner’s credit score down to B, C or lower tiers.  According to FICO, 27% of consumers have a credit score between 500 and 650.

When a major home repair project lands unexpectedly, such as replacing a HVAC unit, a sewer line, a roof or windows, recovering B & C credit homeowners like you are caught in a difficult position.  Your cash has been drained, available credit has already been tapped to get through your life event, and you are now rebuilding your credit & finances.  Often these home repair projects are emergencies that must be addressed immediately to make the house habitable or to prevent further damage to it.

B & C credit homeowners have limited options to finance major home repair projects.  While you likely have a mortgage with an interest rate under 5%, most home improvement/repair lenders will charge you 19% – 36%, if you can get financing at all.  Lease-to-own companies have charges that add up to effective 50-60% interest rates.  High interest costs and short repayment terms make these financing options unaffordable for many homeowners recovering from financial stress.

Inglenook Financial was founded to address this need.  Many B & C credit homeowners like you have built up significant equity in your home.  If you have demonstrated a consistent pattern of protecting your equity through consistent mortgage payments even during times of distress, you are an excellent candidate for financing from Inglenook.  We can look past late payments to credit cards, auto loans, student loans, etc. if you have protected your home equity by keeping your mortgage current.

We are different from other home repair lenders because we offer fast, affordable, home equity loans to pay for major home repair projects.  Because our loans are home equity-backed, we can offer you much lower interest rates and longer repayment terms to ensure affordable monthly payments.  We are also fast, ensuring loans are approved same day, to allow your contractor to begin work right away for emergency projects.

 

Homeowner Benefits

  • Speed: Rapid decisions enable emergency projects to be addressed same day, preventing further damage to your home and/or cost and disruption of finding temporary, alternate living arrangements.
  • Affordable: Low APR and multi-year terms result in affordable monthly payments.
  • Easy: Online application and borrower portal make process fast and painless.  Mobile notary makes delivery & execution of final in-person documents required by Arizona law convenient.  No trip to a bank or title company required.
  • Health: Higher loan limits enable you to afford indoor air quality (IAQ), water treatment and other upgrades to protect your family’s heath.
  • Efficiency: Higher loan limits also enable you to afford higher efficiency equipment to reduce utility bills, saving you money for many years.
  • Home Value Protection: Customers in credit recovery after a life event are able to leverage your biggest asset, equity in your home, to obtain a loan for critical home repairs necessary to protect its value.