Landscape Management Network (LMN) and home improvement lender Acorn Finance have joined forces to launch a new funding tool for landscape contractors and their customers, the companies said in a Friday (April 8) announcement.
LMN Lend Home Improvement Financing lets contractors who use LMN’s business management software offer their customers access to Acorn Finance’s marketplace for funding options up to $100,000, according to the announcement.
“Consumers continue to invest in their properties,” said LMN CEO Mark Bradley in the announcement. “As a contractor, you want to be able to provide the best experience possible for your customers. Knowing you can now easily walk them through financing options as a part of the estimate brings tremendous value to customers and positions landscape operation owners as true partners in the renovations.”
The company said in the announcement that this funding option addresses a routine pain point for contractors and their customers: how to easily access the right financing at the right time. Point-of-sale (POS) financing can give contractors on large jobs improved cash flow while delivering added convenience to homeowners during estimating and proposals.
LMN pointed to research showing that customers are more likely to move forward with home improvement project when they know they have access to financing. The company said its consumer financing options will be available to all LMN Pro users and their customers in the United States.
“Through LMN Lend, when a contractor prepares an estimate for a backyard renovation, pool or other major landscape improvements, they’ll be able to seamlessly offer access to financing options from Acorn Finance’s network of lenders,” the company said in the announcement. “Through an online application process, homeowners will receive financing offers (amount, rates and terms) within minutes. Once executed, funds are delivered to the homeowner in as little as 24 hours.”
Acorn Finance offers a network of 12 lenders who bid to finance home improvement projects. In 2021, the number of customers seeking loans through its platform rose by 800%, Acorn said.
Last month, the Sacramento, California, company launched a partnership with Joist — an estimating and invoicing app for contractors — to embed financing offers into Joist’s platform.
Read more: Home Improvement Lender Acorn Teams up With Contracting Platform Joist
NEW PYMNTS DATA: WHY PATIENT PORTALS ARE BECOMING TABLE STAKES TO CONSUMERS
About: Patient portals are now a must-have for providers — so much so that 61% of patients interested in using the tools say they would switch to a healthcare provider that offers one. For Accessing Healthcare: Easing Digital Frictions In The Patient Journey, a PYMNTS and Experian Health collaboration, PYMNTS surveyed 2,333 consumers to learn how healthcare providers can relieve digital pain points to offer improved patient care and satisfaction.