Renovate bankruptcy 'not reflective' of PACE issues

By Jennifer Kang
04 Jan 2021

Renovate America, a residential property assessed clean energy lender, filed for bankruptcy after years of fighting policy changes and class action lawsuits alleging the lender failed to disclose certain fees to homeowners. The economic distress caused by Covid-19 was the spark that instigated the bankruptcy, but the legal issues were what caused the company to go under, sources said.

The California-based lender filed for Chapter 11 bankruptcy on December 22. Simultaneously, Renovate America also announced that it has entered into a definitive asset purchase agreement with Finance of America, a Blackstone  portfolio company. 

Under the agreement, Finance of America is set to acquire all of the ...

Already a subscriber?

Continue reading this article

Try full access to GlobalCapital

Free trial