Patch Homes rebrands to Noah & offers assistance for homeowners
Patch Homes, a modern finance company redefining how homeowners access their home equity, is rebranding as Noah.
“The name ‘Noah’ is synonymous with ‘journey,’” notes the company in a statement. “The new name embodies the company’s true mission: partnering with individual homeowners and meeting them wherever they are on their home ownership journey.”
“From now until 1 May 2020, Noah is offering all new customers $1,000 at closing and waiving fees for existing Noah customers who decide to take advantage of its Homeowner Protection Program.”
Noah defines itself as distinctly different from traditional financial services that offer home equity loans or HELOCs.
The company provides homeowners with upfront financing, and in return, it shares in a percentage of the home’s future appreciation or depreciation. Instead of burdening customers with hidden fees, high interest rates, and demanding monthly payments, its model is based on shared risk between the homeowner and Noah.
“For too long, homeowners have been forced to sit on their home value while in dire need of cash, because debt financing through a bank or private lender – which are notorious for having strict requirements and lengthy processes for accessing funds – was their only option. Noah wants to change that,” says Sahil Gupta, founder of Noah.
“Today, the coronavirus is shutting down entire industries and we are already seeing more homeowners turning to Noah for help.”
In addition to offering up-front, payment-free financing through its home equity sharing product, Noah also provides ongoing support to its homeowner partners through its Homeowner Protection Program. There has already been twice as much demand for this program in the first quarter of 2020 compared to all of 2019.
In order to help more of its customers going through financial difficulty, Noah will now be waiving all administrative and processing fees for the program between now and 1 May 2020, and all protective advances offered through the program until that date will be interest-free for the first 90 days.
Noah is currently available in 20 metro areas across the US including Southern California, the San Francisco Bay Area, Portland, Seattle, Denver, Boulder, Colorado Springs, and Salt Lake City.