Regions | EnerBank Home Improvement Financing Review

About Regions | EnerBank Home Improvement Financing

Regions Home Improvement Financing is the former EnerBank USA, a Salt Lake City home-improvement lender established in 2002. Regions Bank, based in Birmingham, Alabama, completed its acquisition of EnerBank from CMS Energy on October 1, 2021, and the EnerBank name has since been folded into the Regions brand. At the time EnerBank worked with more than 10,000 contractors in all 50 states, and Regions now says it has funded over $15 billion in home improvement projects.

The contractor offers financing in the customer's home, and Regions Bank makes the loan. Regions says its loans are all non-recourse for the contractor, meaning the bank takes the credit risk, and that funds are usually deposited within 24 hours. Products include Same-As-Cash loans (no interest and no monthly payment during the same-as-cash period, with interest waived if paid in full in time), Reduced Interest loans, Zero Interest loans with equal payments at a 0% fixed APR for the full term, and Traditional Installment loans. Customers can use PreQualify, and apply online, in the mobile app or by phone.

The program is limited to established remodelers. Regions requires a residential remodeling focus, at least five years in business (three with an existing Regions banking relationship), annual residential remodeling sales of at least $500,000 ($300,000 with a Regions relationship), an average project size of at least $5,000, and satisfactory credit and BBB reports. Regions says onboarding can take as little as three weeks, with a dedicated relationship manager.

The trade-off: Regions publishes no APRs, loan amounts or dealer fees. It says there are no sign-up or merchant processing fees, but many of its loan products carry a dealer fee, so get the fee for each product in writing before quoting promotions to customers.