Momnt and Roofle Team to Finance Roofing Projects

Embedded lending software firm Momnt has launched a financing partnership with online roofing company Roofle.

The collaboration centers around Contractor Loan PRO, a financing solution for roofing contractors, the companies said in a Thursday (June 1) news release.

The tool will be powered by Momnt, which helps businesses provide financing to customers, and integrated with Roofle’s platform, which lets users get quick quotes on roofing projects, according to the release.

Homeowners will be able to obtain instant quotes, review offers and secure financing without leaving their homes, the release said.

The launch comes at a time when consumers are approaching home improvement with more caution, as recent earnings reports have shown.

“The state of the homeowner is that they’re very healthy,” Home Depot Chief Financial Officer Richard McPhail said last month after the retailer missed earnings expectations. “They have healthy balance sheets. They have healthy incomes. But I do think — and our professional customers tell us they hear this from their customers — there is that shift, even if it’s temporary from larger projects into smaller ones.”

The Home Depot’s pro business — the type of people homeowners would, say, hire to put on a new roof — was down as well, with CEO and President Ted Decker noting that “lumber deflation and continued uncertainty around underlying demand warrants a more cautious sales outlook” for the rest of 2023.

“We saw more pressure across the business compared to what we observed when we reported fourth-quarter results a few months ago,” Decker said. “While there was relative strength in project-related categories like building materials, plumbing and hardware, we had many departments with negative comps in the quarter and continue to see pressure in a number of big-ticket discretionary categories.”

Executive Vice President of Merchandising Billy Bastek pointed to slowdowns in discretionary categories like patio, grills and appliances “that likely reflects deferral of the single item purchases,” with demand also cooling in flooring, kitchen and bath. This all suggests a shift by consumers from larger to smaller projects.

A week later, rival Lowe’s also reported a slight drop in sales thanks to a shift to smaller DIY projects, as DIY accounts for 75% of the company’s business.