As rising home prices and limited housing inventory push more Americans to renovate rather than relocate, Regions Bank is expanding its national home improvement financing business with new leadership to accelerate growth.
With mortgage rates remaining elevated and housing inventory constrained in many markets, more homeowners are choosing to renovate existing homes rather than purchase new ones.
The Birmingham-based bank announced Wednesday that Todd Nelson will serve as head of Regions Home Improvement Financing, a nationwide lending platform that supports contractors and homeowners with financing for projects ranging from HVAC systems and roofing to pools, renovations and other indoor and outdoor home improvements.
Regions Home Improvement Financing operates through a network of nearly 8,000 contractors across all 50 states and the District of Columbia and has served more than 1.3 million borrowers since the launch of its predecessor company in 2002.
Regions acquired the predecessor company in 2021 and has continued expanding the business nationally as demand for renovation financing grows.
Regions said Nelson brings more than 25 years of experience in consumer lending, including work building multi-billion-dollar lending portfolios, leading fintech and banking partnerships, and expanding national lending operations.
“Todd’s leadership experience in specialty and point-of-sale lending makes him the ideal choice to guide the next phase of growth for Regions Home Improvement Financing and add value for the contractors and larger businesses using this financing to serve their homeowner customers,” said Kate Danella, head of Consumer Banking for Regions Bank.
The bank said demand for home improvement financing continues to grow as rising home values, limited housing supply and longer homeownership trends encourage more Americans to invest in existing homes instead of moving.
Regions’ point-of-sale financing model allows homeowners to secure funding at the time of purchase while contractors receive timely payments to complete projects more efficiently.
“What attracted me to Regions was the opportunity to lead an amazing business that has great relationships with contractors and manufacturers nationwide, and delivers meaningful growth for their businesses,” Nelson said.
“Backed by the strength of a leading regional bank, our strong contractor network and national scale, our goal is to make financing simple and trustworthy so contractors thrive, homeowners feel confident and communities prosper,” he added.
Regions views home improvement financing as a key part of its broader Consumer Banking growth strategy alongside mortgages, refinancing products, and home equity lending.
Nelson also said the business gives Regions an opportunity to deepen relationships with existing customers, including commercial banking clients already working with the company.
Under Nelson’s leadership, the division plans to continue investing in technology improvements across underwriting, servicing, sales and operations to improve customer and contractor experiences.
The expansion also highlights Regions’ continued efforts to grow nationally from its Birmingham headquarters.
Regions Financial Corporation, headquartered in Birmingham, has approximately $161 billion in assets and operates more than 1,200 banking offices and 1,750 ATMs across the South, Midwest and Texas.
Sherri Blevins is a staff writer for Yellowhammer News. You may contact her at [email protected].
