What does SELF do?
SELF is an independent, nonprofit, community-based lending organization focused on financing home renovations that promote energy efficiency, clean energy alternatives, storm protection, water conservation, and disability products. SELF provides homeowners with building science expertise, project management, and access to low cost capital to help identify and finance sustainable home improvement projects.
Is there a fee to become an Approved Contractor?
No. SELF does not charge any application or annual fees to become an Approved Contractor.
Is there a fee to utilize SELF’s financing?
No. SELF does not charge the contractors any fees to use SELF financing.
How can SELF help my clients?
SELF is an alternative financing source for clients who may not qualify for a traditional loan at a bank or through financing programs established through the contractor’s company.
How can SELF help our business grow?
SELF gives opportunities to clients who may not qualify for the financing offered by the contractor or traditional banks. As an alternative financing source, more clients may be approved rather than denied. This will increase sales.
How do people apply for the program?
Clients can apply by visiting our online application or by contacting us.
How do I apply to become an Approved Contractor?
Complete the contractor application or contact us.
How do contractors get paid?
Once a loan is approved and closed, the contractor receives a Notice to Proceed (NTP) email and the work can then commence. Once the installation is complete and inspected (if applicable), the contractor submits the final paperwork to SELF and the payment process begins. Payments are processed on Wednesdays. Refer to the payment schedule provided by the Residential or PACE Program Manager(s) for more information. Contractors may receive a check in the mail or, in order to receive payments quicker, submit a Direct Deposit Authorization form to SELF.
Does SELF offer monetary draws to help with upfront project cost?
Yes, but an application for the Contractor Advance Financing has to be completed, submitted, and approved by SELF management. Specific terms apply. Contact the SELF office for more details.
Where do you lend? (geographically)
SELF is certified to lend in Alabama, Florida, Georgia, and South Carolina.
Is there an income cap for clients to qualify?
No. Anyone can apply for financing as long as they own the home, have provable income, are current on property taxes, and have disposable income to pay back the loan.
What types of improvements do you finance?
SELF finances over two dozen types of improvements promoting energy efficiency, clean energy alternatives, storm protection, water conservation, and disability products. Some of the top financed products include, but are not limited to: air conditioners, insulation, roofs, doors, windows, solar water heaters, solar PV, weatherization, and much more.
What are your interest rates?
Interest Rates range from 5% – 9.5%. *Interest rates depend on available funding and the terms set by SELF’s funders.
How long does the process take for a client to become approved?
The process to become approved can take 24hrs to a week. It all depends on the client response, requested and/or required document submission, and information provided.
Can anyone apply?
Qualifications to apply:
- Must be the, or one of the, homeowner(s)
- Must be current on property taxes
- Must have provable income. (wages, retirement, disability, etc.)
- Must be able to have the disposable income to pay back a loan
What are the credit criteria for applicants?
SELF accepts all applications regardless of credit. A co-signer may be required based on credit history or the type of product being financed. A full evaluation is conducted by the underwriting team and a final decision is made based on a combination of factors.
Do contractors receive a referral or finder’s fee per client that is referred and who gets financed?
- No, not from SELF.
- SELF does, however, have a Referral Agreement Program that SELF Approved Contractors can become a part of. This is a service that SELF provides.
- If you’d like more detailed information, please contact the SELF office.
What is Property Assessed Clean Energy (PACE)?
PACE financing is a land-secured assessment that property owners can voluntarily undertake in order to secure 100% upfront financing for high-efficiency A/C systems, solar water heaters, solar PV panels, roofs, doors, windows, hurricane shutters, and more. Financing is available to private and non-profit landowners in St. Lucie County, who have paid their taxes on time over the last 3 years and have equity in the subject property. PACE is collateralized by the equity in the property, rather than a credit check, and financing is available for 5, 10, 15, and 20 year terms. Property-owners repay the annual assessments as a part of their property tax bills, and the assessments stay with the land rather than the owner.