SAN FRANCISCO--(BUSINESS WIRE)--Patch Homes, a modern finance company redefining how homeowners access their home equity, today announced it is rebranding as Noah. Especially in this time of financial uncertainty, where many homeowners are worried about cash flow, Noah remains committed to helping them unlock access to their home equity without adding monthly payments or interest through its home equity sharing product.
The name “Noah” is synonymous with “journey.” The new name embodies the company’s true mission: partnering with individual homeowners and meeting them wherever they are on their homeownership journey.
As part of this mission, Noah recognizes the extreme financial hardship that many homeowners are facing in today’s environment even as they sit on tens or hundreds of thousands of dollars of home equity. Therefore, from now until May 1, 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’s goal is to partner with customers for the long-term and share in their ongoing financial success.
Noah is 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, Noah's model is based on shared risk between the homeowner and Noah. In this true partnership, Noah provides homeowners with access to funds and the freedom to use the cash payment however they choose – for expected financial needs, like paying off a credit card or college tuition, or unexpected expenses, like medical emergencies or loss of income – in order to meet their financial goals.
“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,” said 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. Noah is dedicated to being a long-term partner to homeowners by making our products more accessible during this time so we can put even more money in their pockets. Our goal is to empower homeowners so they can meet their current financial demands while navigating a better financial future.”
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.
If homeowners find themselves unable to keep up with mortgage or property tax payments, or they need to make an emergency home repair such as a roof replacement, Noah’s Homeowner Protection Program offers financial assistance by making payments on the homeowner’s behalf. 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 May 1, 2020, and all protective advances offered through the program until May 1, 2020, will be interest-free for the first 90 days.
“Noah has been a financial bedrock for me and my husband during a very challenging time. Our businesses imploded and the bank began foreclosure proceedings on our home of 18 years,” said Kaitlyn A., a Noah customer. “Because we had filed bankruptcies, we could not refinance or qualify for a reverse mortgage. Even liquidating our remaining assets wouldn’t have provided us with the funds we needed to pay the banks to relinquish the liens. Just when we thought we had run out of options, Noah committed to helping us and became our long-term partner so we could keep our home.”
Noah is currently available in 20 metro areas across the U.S. including Southern California, the San Francisco Bay Area, Portland, Seattle, Denver, Boulder, Colorado Springs, and Salt Lake City. To learn whether Noah is available in your area, visit estimate.noah.co.
About Noah
Noah is a modern finance company helping homeowners tap into their home value to meet their financial goals without incurring new monthly payments or interest. Founded in 2016 and headquartered in San Francisco, Noah’s innovative equity sharing model is a debt-free alternative to traditional home equity loans and HELOCs. By partnering with homeowners, Noah offers homeowners in select metro areas across the United States upfront financing in exchange for a share in a percentage of their home’s future appreciation or depreciation. Noah’s investors include Union Square Ventures, Breega Capital, and Techstars Ventures. For more information visit www.noah.co.
