iink, Corp. is proud to announce its latest partnership with business lending solutions provider Momnt. This partnership will enable Momnt’s clients to offer point of need financing options to its customers around three primary property/home financing use cases related to insurable losses.
The Primary Use Cases
1. Deductible Financing
Deductibles can reach as high as 2% of the appraised value of each insured property. With median home values in the United States estimated to be $425,000.00 representing over $8,000.00 in deductible costs the property owner will need to come up with or that the contractor oftentime needs to float on behalf of their client. In some states like Texas, the remainder of the home insurance claim funds won’t even be released until the carrier has proof that said deductible has been paid, which can put even greater stress on the contractor and their client.
iink’s partnership with Momnt will allow Momnt’s contractor clients to offer deductible financing to its customers on deductibles as low as $3100.00
2. RCV Gap Financing
In states like Florida, many carriers are beginning to opt for ACV (actual cash value) only policies meaning: they will not cover the full replacement cost of the property damage. This could in addition to the deductible leave the property owner on the hook for thousands extra if they wish to restore the property back to its pre-loss condition.
iink customers will now have the ability to offer unsecured financing options to their clients to help cover these additional expenses with promotions like six months of deferred interest.
3. Retail Upgrade Financing
The period of time after an insurable property loss represents one of the most opportune times to invest in larger renovation projects. At this point, contractors have already been identified and the home is already under construction. However, the insurance proceeds won’t cover upgrades. Perhaps the property owner would like to upgrade from asphalt shingles to Spanish tile or would like to install skylights—they would not be able to in the current state.
If the property owner is unable to cover those upgrade costs, iink clients can leverage the partnership with Momnt to provide financing options to property owners who have such needs.
In addition, all iink Verified customers will have access to discounted rates on financing not available to the general public and is only accessible through iink’s portal.