Complaints

This profile includes complaints for RenoFi's headquarters and its corporate-owned locations. To view all corporate locations, see Find Local Branches.

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  RenoFi

  2400 Market St Ste 235A Philadelphia, PA 19103-3041

• 

  RenoFi

  2093 Philadelphia Pike # 8855 Claymont, DE 19703-2424

The complaint text that is displayed might not represent all complaints filed with BBB. Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business.

• Initial Complaint

  Date:09/12/2024

  Type:Service or Repair Issues
  Status:

  ResolvedMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  We began working with RenoFi before purchasing our home in November 2023, intending to secure a renovation loan. RenoFi assured us that obtaining the loan would be no issue, as long as we provided finalized plans from our remodel company. We gave them all of our information upfront, and with their word, we moved forward with purchasing the house. However, once the plans were finalized six months later, everything changed.The loan officer who had been working with us became unreachable, responding to our inquiries with vague updates like "looks good" or "on the right track" before stopping communication altogether. Two months later, we requested a new loan officer, but the same issues occurred. We were given constant excuses"waiting on my manager," "I'll reach out after my meeting,"but no meaningful progress was made. Over the course of a year, weve been left in a very difficult financial position, with no loan, no communication, and no accountability from RenoFi.Our experience mirrors the frustration of other customers who feel misled and trapped by ***************** false promises. They continually reassured us that the process was moving forward, only to eventually say they couldnt process our loan. If we had known about these issues, we never would have purchased the home. RenoFis lack of professionalism and communication has caused us to waste valuable time and left us searching for another lender. This company operates under unethical guidelines, and we would caution others from trusting their promises.

  Business Response

  Date: 10/02/2024

  Thank you for sharing your experience with us. Were relieved that we were able to correct course and successfully find a solution for you through our process and we truly regret to hear about the challenges you faced during your journey with RenoFi, and we appreciate your feedback. We strive to provide clear and consistent communication, and its concerning to hear that we fell short in this instance. Renovation loans can be complex, and its never our intention to leave our clients feeling frustrated or unsupported. We understand how crucial timely updates and accountability are, and your situation highlights areas where we can improve. We sincerely apologize for the delays and lack of follow-up you experienced. Your insights are invaluable as we work to enhance our processes and communication.

  Customer Answer

  Date: 10/03/2024

  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ******** and find their response shows their lack of care and accountability, however, there was no "resolution" needed other than an acknowledgment. 
  
  Regards,
  
  ******* ********
  
  

• Initial Complaint

  Date:07/27/2024

  Type:Service or Repair Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  Date of the Transaction:I started working with Renofi in early May 2024.Amount Paid:I didn't pay anything to Renofi.Business Commitments:They promised to match me with a personal loan for a home renovation.Nature of the Dispute:I had a pretty frustrating experience with Renofi. ****** asked me to submit multiple years of W2s, tax returns, and over 12 months of bank statements. I sent everything over as requested, but then I was completely ghosted by ******. I tried reaching out several times, but got no response. It feels like they just took all my private info and disappeared, with no effort to actually help me get the loan they promised.Resolution Attempts:I've tried contacting Renofi three times, but haven't heard back from them at all.

  Business Response

  Date: 08/06/2024

  RenoFi strives to provide a positive experience for all homeowners and to be as transparent as possible, including maintaining clear communications throughout the process. While we maintained regular contact with **************** during the initial consultation phase, we understand how important each home renovation project is to every homeowner and that follow-up communications can help alleviate some of the stress and uncertainty in the process. We take this feedback into great consideration as we are constantly working to improve the timing and communication throughout the RenoFi process. Weve recently contacted **************** to address his concerns, which appears to have resolved the matter.

• Initial Complaint

  Date:04/26/2024

  Type:Order Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  Journey with Renofi started May 2023. Now April 2024, they casually leave a voicemail saying they don't think they can get anything done/are far off from my project cost. I have sent countless documents that were continued to be met with Friday end of business day follow *** if I was lucky and multiple weeks of delays leading to then needing more recent paperwork. It was ridiculous how much non-action was taken over basically a year with no follow through or transparency in operations of what issues they were facing. The continued kicking the can down the road approach costs true money as interest rates have only gone up. I could have had the *** built by now going traditional lending route with another approval I had, but was choosing Renofi due to their competitive offerings advertised. I would have been open to partial lending with Renofi, but I am also now aware of the many online reviews stating similar stories of concern on Reddit and BBB.

  Business Response

  Date: 06/03/2024

  RenoFi strives to provide a positive experience for all homeowners and to be as transparent as possible, including maintaining clear communications throughout the process. We apologize that we did not meet expectations in this case. We take this feedback seriously and will aim to improve our process.

  Business Response

  Date: 06/29/2024

  RenoFi strives to provide a positive experience for all homeowners and to be as transparent as possible, including maintaining clear communications throughout the process. We apologize that we did not meet expectations in this case. We take this feedback seriously and will aim to improve our process.

• Initial Complaint

  Date:04/19/2024

  Type:Order Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  Between the period of March 3, 2024, and April 12, 2024, my spouse and I embarked upon the process of securing a Home Equity Line of Credit (HELOC) for our primary residence.We engaged in diligent efforts throughout this journey, culminating in the signing of the Conditional Agreement between Renovation Finance LLC, operating under the *** RenoFi Licensing - NMLS #*******, and the lending entity, USAlliance ********************* doing business as USALLIANCE Financial, NMLS #******. Subsequently, while awaiting the finalization of the Closing Documents, I was informed via text messages from the RenoFi Loan Officer of significant changes in guidelines, necessitating the submission of additional financial documentation. Regrettably, this development precipitated a series of internal deliberations and communication delays, which significantly impacted the progress of our application. Enclosed herewith are all pertinent documents and communication transcripts relevant to the Conditional Agreement and Closing Process. Our initial intention was to proceed with USALLIANCE Financial as our preferred lender for the ****** However, in light of the altered guidelines and the evident inefficiencies observed throughout the application process, I have taken the decision to formally withdraw our loan application. A formal notification has been dispatched via email to all concerned parties, with the corresponding communication also included for your reference. Please acknowledge receipt of this withdrawal notice at your earliest convenience. Also, I am requesting to have any fees associated to this application to be refunded (i.e. Appraisal Fee - $785). Should there be any outstanding matters requiring attention or further clarification, do not hesitate to reach out to me directly.

  Business Response

  Date: 05/30/2024

  This response is in regards to Complaint ID ********.

  RenoFi strives to make the process as transparent as possible, including maintaining clear communications throughout the process, and are sorry we did not meet those expectations in this case. While we offered alternative solutions for the homeowner to keep the loan amount where needed, and offered to find alternative loan options, unfortunately none of these alternatives met the Vinkovichs needs.

  To address the request for a satisfactory resolution on this matter, RenoFi is providing a $785 payment to offset the Vinkovich's appraisal cost. The payment is being made by check and mailed via **** to the address noted in the complaint. Please note, RenoFi does not charge homeowners any fees as part of its services so there are no other fees associated with the application that could be refunded.
  

  Also, please note we never received the original letter dated 4/22/24 and only received the May dated letters within the past week. 

• Initial Complaint

  Date:08/24/2023

  Type:Service or Repair Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  Business is a renovation loan broker. Provided sensitive information related loan application, Failed to adequately respond to questions or desire for updates. Status of application, once considered pre-approved and conditionally approved by the lender, is currently unknown. Requests either resolution through the process or reimbursement for the appraisal fee.

  Business Response

  Date: 09/11/2023

  RenoFi strives to make the process as transparent as possible and are sorry that communications with RenoFi did not meet expectations. While we maintained at least weekly contact with ******************** during the application process, we understand how important each home renovation project is to every homeowner and that more frequent and detailed communications can help alleviate some of the stress and uncertainty in the process. We take this feedback into great consideration as we are constantly working to improve the timing and communication throughout the RenoFi process. We’ve contacted ******************** to successfully resolve his concern through the process and without the need to reimburse the appraisal fee.