Renovate America secures court approval of $50 million DIP facility

By Sarah Lizee

Olympia, Wash., Jan. 29 – Renovate America, Inc. received final approval to access an up to $50 million senior secured super-priority debtor in possession credit facility, according to an order filed Thursday with the U.S. Bankruptcy Court for the District of Delaware on Monday.

The financing is being provided by Finance of America Mortgage LLC, as previously reported.

The facility will mature 90 days after the closing date of the facility, at the latest.

Interest will be 7% per annum, compounded monthly.

There is a $175,000 origination fee.

Renovate America is a San Diego-based provider of financing solutions for environmentally friendly home improvement projects. The company filed bankruptcy on Dec. 21 under Chapter 11 case number 20-13172.

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