WEST DES MOINES, Iowa--(BUSINESS WIRE)--Watercress Financial Group LLC, a point-of-sale originator of home improvement loans to consumers through a broad network of high-quality contractors across the U.S., announced the closing of a $100 million revolving credit warehouse facility with DZ BANK. The partnership will enable more access and liquidity for contractors to offer term loans for up to 15 years to consumers to finance home improvement projects such as HVAC, roofing, plumbing, electrical, remodeling, and other similar verticals.
"We believe that DZ BANK will be a key partner in supporting our growth," said Rob Young, President and Chief Credit Officer at Watercress Financial. "Our new DZ BANK warehouse allows us to continue diversifying our financing options and build financing capacity to support the accelerating growth we are experiencing in our best-in-class home improvement lending program. Together with the support of existing financial partner, MGG Investment Group, we are well positioned to continue to meet the needs of contractors and homeowners nationwide."
Watercress Financial is committed to providing home improvement financing that enables homeowners to focus on the best options to enhance their home—their biggest asset. In today's housing market, it is more important than ever to offer consumers additional options to either stay in their current home or to make improvements they have always wanted.
"We are excited about the opportunity to work with a rising player built around a highly experienced, best-in-class management team in the attractive home-improvement financing space and to facilitate Watercress Financial’s next phase of growth," said Markus Fassbender, Vice President at DZ BANK.
To find out more about Watercress Financial, please visit watercressgroup.com.
For more information about DZ BANK, please visit dzbank.com.
About Watercress Financial
Watercress Financial partners with contractors to provide financing options to individuals planning home improvement projects. Their intuitive platform allows contractors to easily research financing products, quickly enabling them to close more deals and grow their business. Founded in 2021 by consumer finance experts with decades of experience, Watercress Financial combines knowledge with a white-glove approach to ensure contractors have the support they need throughout each project.
About DZ BANK
DZ BANK is the second largest bank in Germany and acts as central bank for approximately 700 cooperative banks in Germany. The New York-based asset-securitization team of the Frankfurt-headquartered DZ BANK has been funding companies in the home improvement and adjacent space since its inception in 1999. The team is best known for crafting bespoke financing solutions for cash flowing assets that are not yet broadly commoditized in the ABS market and the ability to lend to specialty finance companies that are taking the next step from private credit to their first major bank-provided financing. The team of 16 professionals headed by Christian Haesslein currently manages $4 billion in commitments across 40 individual transactions, Autobahn’s highest counts since before the 2008 financial crisis. To learn more about DZ BANK and their New York City based team, please visit Receivables-based finance (dzbank.com).
