Renovate America's HERO Financing: Demand is Accelerating

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FROM:

J

jpmcneill@renovateamerica.com

DATE:

2012-06-01 05:07:50

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<197622277.14742.1338527270810.JavaMail.sfdc@na9-app1-13-chi.ops.sfdc.net>

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H

hbiden@rosemontseneca.com

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PROCESSED

May 31, 2012

Dear Hunter,

On December 14, 2011, we launched our product, HERO Financing, and the acceptance and progress in the market has been exceptional. HERO Financing has won three awards, but more importantly, we have seen demand for our financing product accelerate. Last week we approved $2.5 million in applications as compared to the prior week when we approved $1.1 million.

Our judgment that contractors drive demand is proving itself out. Today, contractors account for 74% of approved applications. We have a dedicated team which sells and trains contractors on how to use our financing and lead screening tools. Once a contractor is trained and using our financing, we believe they become a client for life because:

We significantly improve the number of deals they close; and
We improve their average ticket size.

For example, one HVAC contractor has improved their close rate by 40% and has increased their average ticket size from $8,000 to $16,000.

HERO Financing has received awards from the U.S. Green Building Council, the Urban Land Institute, and the Southern California Association of Governments.

Renovate Americas HERO Financing Program earned the Western Riverside Council of Governments (17 cities and one county) Best Residential Partnership Award in California.

The nation's largest metropolitan planning organization which represents six counties, 191 cities, and more than 18 million residents, gave Renovate Americas HERO Financing Program its highest award.

Future Growth

We are just scratching the surface. Now that we have proven demand for our product, we are focused on three main initiatives to grow revenues.

Train More Contractors

Forty contractors have been sold and trained and hundreds more await. We are adding sales team members to reach and train more contractors.

Enter New Markets

We will be rolling-out our financing in more markets in California this year. Cities and counties would like to offer our award winning program in their markets. HERO Financing creates jobs, generates incremental tax revenue, saves energy, saves money, improves home values, improves air quality, and reduces emissions.

Improve Consumer Experience

Our software enables us to provide a great customer experience which includes a one-of-a-kind lead screening solution and 15 minute processing of applications and financing documents. Our one-of-a-kind lead screening solution enables contractors to pre-qualify appointments prior to their on-site visit. We are able to pre-qualify homeowners without checking credit and provide contractors with a 90%+ confidence factor that their customer will qualify for our financing along with the amount of financing they will qualify for.

I am excited to share this update on the growth of the company and I want to thank you for your confidence in our team.

Very Truly Yours,

JP McNeill, CEO

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