Plunk announces lending program in partnership with Portage Bank
Seattle-based Plunk has officially announced its home renovation loan offering, designed for financing major home improvements, brought together in partnership with Portage Bank.
Plunk’s Home Renovation Loan provides homeowners:
- Greater borrowing power—up to 75% of their forecasted home value post-renovation
- A significantly better rate1 than offered on credit cards, retail cards, and unsecured personal loans
- The fastest and easiest loan process—all digital, no paperwork, and no appraisal required
- Funding in 10 days or less
Founded in 2019, Plunk’s mobile app helps homeowners make decisions to increase their home’s value. The process starts by giving homeowners a real-time valuation of their home, to later have Plunk suggest remodeling projects that will have the most impact on the home value.
“We’re all about empowering homeowners—first with accurate and trusted advice and now with access to better financial products. Our Home Renovation Loan is fully powered by Plunk’s advanced analytics. It saves homeowners time, stress, and money; this is pure rocket fuel for home improvement.” – Plunk co-founder and president David Bluhm.
“Helping homeowners turn their current house into their dream home is a new initiative we’re very excited about, and it’s very much rooted in our DNA. We have a track record of providing personal banking products that help our customers manage their futures worry-free that spans over a century.” – Matthew F. Moran, president, and CEO at Portage Bank.
The news coincides with a $12 million funding announcement made by Plunk competitor Realm that’s backed by Liberty Mutual.