Watching the tube

I saw a commercial last night on TV. “You could have your bathroom remodeled by a national franchise for as little as $125/month.” Sounds too good to be true don’t you think? This is their big pitch year in and year out.

I love to solve my client’s problems. How the heck can I compete with that? As a remodeler I am not a financier, I need to be paid as I go, so I can pay the bills. It sure sounded sexy, who wouldn’t want to get something necessary now by utilizing an affordable payment plan.

After doing some research, it turns out home improvement stores have some super deep pockets. They have created an enticing campaign that like Courvoisier Cognac, (is very smooth). The funding source is huge, they also have no connection to Boise.

Hey, I would like to offer that too!

Realizing that some of my biggest breakthrough ideas come from seemingly impossible circumstances (à la delivering beer & wine with pizza) I first laid out the problem clearly, then listed possible solutions.

Problems

• Find the funds to do a quality job by a local contractor.
• Remodeling is often out of reach of the people that really need it.
• Tract homes are often built with “Builder Grade” fixtures and finishes that only last 10-15 years
• We had a building boom in the area 10-15 years ago
• Getting a home equity loan involves lots of paperwork, and an appraisal ($400)
• The turnaround time for qualification can be two weeks or longer
• Most clients with small remodeling projects need less than $30,000
• Levco cannot afford to offer in house financing

Solutions

• Find a local source of funding, where you can meet your lender.
• Find an interest rate that is friendly.
• Find a place that can offer “no cost” next day approval.

I pondered on it for an hour or so and called around explaining what I wanted to do to one lending institution after another. I could not find anyone to match the terms that were being offered. I did find several out of state places that offered financing solutions, but the rates were too high or my company didn’t qualify for the program.

Stuck, but not giving up yet

Just when I thought my idea was DOA (Dead on Arrival), I ran into an old banking friend at a musical event that reassured me that I was not asking for anything that was unusual. “nonsense, I do this sort of thing all the time, she said, you’re just not asking for what you really want correctly.” Hoping it wasn’t just the wine talking, I set up an appointment to go over the details. To my amazement, like Mic says “you can’t always get what you want… but if you try some time… you get what you need!”

Get it locally

Eureka! I found it!

Like Dorothy, (of Wizard of Oz fame) the answer was there all along, all I had to do was click my heals, and mutter my favorite line “there’s no place like home!” I can now proudly compete with the big boys with my own strong local financing options.

Levco now proudly offers our qualified clients  financing options for their small to medium remodeling projects. An in-home evaluation is the first step to getting an application, and an approval may be just a day away.

Your comments are welcome. To ask questions or get more information about remodeling and financing, click here to email me directly, or call 208-947-7261

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