CAN I GET A LOAN FOR A POOL? (How to Finance a Pool} | #PoolGuys

This week on #PoolGuys Unfiltered we’re talking with Adam Heath : VP of Sales and Marketing with HFS Financial; they handle the financing and loans for Pools and Spas.

Hfs this is adam how can i help you hey adam what’s going on buddy it’s just american pulling spawn richmond buddy justin how are you doing well man doing well hey man i want to say i really appreciate you taking the time out man and answering all of our questions with hfs financing absolutely any time where we can do to help yeah man so basically what our show

Is man we are we do a lot it’s called hashtag pool guys unfiltered and we are trying to dive deep into a lot of questions pool and spa related questions for all customers out there to get education on things and you know on today’s episode we’ve had the pleasure with hfs and i got a sign right here showing hfs as far as we got adam heath he’s going to answer all

The questions we met adam at a conference actually one of our pool distributors radiant and he did a great job he was very informative so today we thought we’d bring him on so he’s able to answer a lot of questions that a lot of we get from a lot of customers and adam so if you can man go ahead and please start off and tell a lot of our people you know out there

Who you guys are hfs and what you guys are all about sure yeah so basically who we are what we are justin is as you know just to educate your listeners we are a finance company in heavily concentrated in the pool industry we work with all different types of home improvements but our big niches as over the last eight years has been swimming pools both in ground

And above ground and actually spas as well because spas are becoming a huge or have been and continue to grow a huge part of alongside enhance my product along with a pool but even separately as well and more and more people are seeking financing as these projects and get bigger and bigger and you know the price of spas and pools you know seem to rise because

The technology and options that are available and people want to do bigger projects absolutely yeah and you know one thing i gotta say is thank you to you and your team we just recently got to customers for pools for us this season approved in the last few weeks so thank you to you guys you guys do a great job man we appreciate that we we strive for we would say

We strive for five on a five-star google review there you go well don’t we all in business right all right me and so you know here’s the big one of the biggest questions we get a lot is with customers when it comes down to a pool or we’re doing a project in the backyard do you because like you said hey you guys are targeted a lot towards the pool industry well a

Lot of people then get narrow-minded and think just pool so you guys don’t just do pools you guys will do an entire project for example like if i was to have a customer wanting above-ground pool maybe or semi in-ground and they needed you know a bunch of concrete or we wanted to do a wood deck around you guys finance all that correct so yeah that’s correct and

Not only you know everything that you just mentioned but anything and everything that goes along with that project we’ve even had clients that come to us they want to do a pool and a deck and they want to rip part of the kitchen entryway to get to the deck or new doors and any home improvement project we’re okay with and it doesn’t matter if it’s if a customer

Wants to have let’s say you know your company do the pool which you’re best at and they want to have someone else do the landscaping which you may or may not do and you know some other construction in the home interior exterior whether it’s one contract or three or four we’re okay with with all the improvements that a customer wants to do awesome awesome now a lot

Of times people love statistics what is an idea i don’t know if you can give me a national or especially maybe that’s better with your company how many would you say people out there i get this asked a lot who pays cash versus financing so i don’t know how many people out there finance pools nowadays exact number precise but more and more we’re finding are using

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Financing because but you know with the economy doing well most people with even if they have the cash that they can literally draw out of a checking or savings or money market etc they usually want to hold on to their own money and prefer to use other people’s money to use the to utilize for the projects and with interest rates low still an economy doing well

We’re finding that more and more customers that even aren’t sure if they’re going to finance end up going through with a financing option just because of the different programs out there and again with rates being very competitive and just to elaborate on what we do and i think you know this but for your listeners you do not need to have equity in a home we have

Lots of first-time homebuyers or people that just bought a second or a third home and do not have equity do not you know put a large chunk down everything that we do is unsecured so there’s no collateral required and no liens put on the property so adam you just made a comment and i think i want the listeners out there to understand this for what you guys do it

Goes i think on it not valued as much but you said unsecured loan on a swimming pool can you elaborate more on how important how great that is for financing yeah so it’s a really big niche that we have over any competitors is that again customer does not need equity in their property and there’s not going to be a lien filed against their property so unlike a home

Equity line of credit or a second mortgage where there’s might be an appraisal needed it’s a lengthy process a lot of paperwork and could take 30 to 60 days we don’t operate like that so we work with unsecured loans that are there no liens against the property and usually there’s not a lien of any kind ucc lien or any other lien filed against the project or the

Homeowner at all and like i said that that’s huge because i mean that’s unsecured i mean that’s that’s hard to do and everyone stresses about how liens and everything works like that and more debt you know i mean that’s nice to get financed that’s huge so let’s let’s dive into as far as process you know you guys i feel like you know try to make it as simple and

Streamlined as possible what’s kind of the process so if somebody comes to me by a pool usually what american pool my company american pool and spa we always will send them the link or they go onto our website they click and it leads them right to you all but after that i’ll have to admit our company usually informs them but then we don’t do anything after that

You guys kind of take over so what’s kind of behind the scenes the process of what a customer expects and goes through going through to apply with you guys so fortunately not only for you as the contractor justin and you know this not having to deal with a lot of cumbersome paperwork you basically don’t have to really lift a finger then as far as on the customer

Standpoint or your client it’s going to be a simple process as well they’re gonna go ahead either from your website which the link is there they’ll click on a link preferably so then you guys can stay in the loop and both you and your customer on the same page and they saw it as simple i would say 60 to 90 second depending on how quickly the customer can key in but

It’s it’s only about 10 to 12 fields of information we do not require a social security number which is very key because you know with today and you know security people are a lot of times little hesitant we do not require social security number on our application because we’re able to do a soft credit poll just with date of birth and address so what happens is is

That the credit will not get affected at all or even show up as an inquiry and we are on the phone with the client within 24 hours of the application being submitted going over different options their needs etc and typical time frame to get closed and funded from start to finish is usually between 5 to 10 business days that’s awesome and i mean 5 to 10 business

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Days that’s huge you know in you know a lot of that sometimes they go you know obviously a lot of credit approved financing it all depends on a lot of variables so what are some of the things as far as you know what if i interest rates and i know you’ll have to you know i want you to coming me help the lab radon you know how that works from people’s credit to dead

I guess i mean how does the when somebody says hey i want a $50,000 pool well how do what are some of the parameters i guess an ideal interest rates they can look or expect what is some of that based off of i know as far as that sure so as with really anything as far as credit goes its interest rates are going to be determined on there’s really two huge factors

Here first and foremost obviously is credit which most people are aware of but the second key component most clients are not aware of is the time of the loan so basically when we’re talking again strictly unsecured loans the term is gonna really play a big key factor of rate because what happens is the longer you stretch the term out it’s a higher risk ie higher

Rate so a 15-year loan for instance is going to carry a higher rate than a five to seven to 10-year loan so really the two main factors of credit and how you know long the term is is really what goes into determining rates however i will tell you even in the unsecured world right now where if you compare credit cards average rates 14 to 25 percent let’s say were

92 percent of our loans are single-digit interest rate wow so it’s it’s unbelievable that were you know really able to help that many people was with such competitive rates on an unsecured loan product ya know that that’s that’s awesome and that’s very helpful so so give the listeners what is idea some people as far as terms i know what you kind of mentioned and

Touched on that but what’s average for swimming pools you know like a lot of times cars houses you know cars sometimes people try to do two to three maybe five years at most houses obviously a lot of people do 20 25 30 you know what what’s ideal for some of your pool pool people that will do terms out there do you know what’s an average or an idea for most pools

That they’ll do everage that we’re seeing now is a 10 10 to 12 year time that’s really the sweet spot again a 15 year is you know the rates going to jump up and when you look at the payments between a 12 year let’s say and a 15 year a lot of times it can literally be you know forty to seventy five dollars a month where it’s not really going to be a big impact and

It’s not really financially sound – when you look at the numbers to go such an extended tom because it’s not only about the payment it’s about how much is going to principle versus interest every month and as we all know on a shorter term you’re going to be paying less in interest over the over the whole absolutely so can you explain back to again like some of the

Details as far as you guys hfs you guys are you guys the lender or you guys do a good job you guys how does that work you guys find somebody correct isn’t that how that works it’s actually it’s actually a hybrid of both positive statements so first and foremost we are not a lender so we do not lend any of our own money on any loan program that’s just so with the way

That it works is we have an investment pool now of over a hundred different institutions from credit unions to banks to private equity funds to marketplace lenders where we work together with we don’t farm a customer out and say here you go go have at it we do all the processing in-house and some of the underwriting in-house a lot of it is done automated these days

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But we are with the customer through from the application through the funding so it’s not a pass off or ie a straight broker arrangement if you will so we are actually loan consultants if you will that work with many different of our investment partners to get the customer the best product and see the project through till the end i like it i like it with that when

A customer applies and gets approved so they come into my store they go through the application process we’ve talked about terms from financing how this all works when would they i know you gave from anywhere from five to ten days when they get the money how does that work do they go in does the money get deposited through a separate account do they have to set up

An account can you kind of maybe talk about just that that portion how they get the funds and how it gets to our company to get the ball rolling sure so on every loan transaction the money would be wired directly to the customer in full upfront with no stage funding which is very key because a lot of times basically any of our competitors will fund in stages so in

Stages throughout the contract and you know every pool builder has different page schedules so to make it easiest on the customer what we’ve been able to do is fund all money up front hundred percent so basically they every customer is a cash buyer if you will because they’re going to be paying your payment schedule as it you know dictates but the money is always

Going to be there so it’s always wired 100 percent upfront into the customers account and then they would disperse the funds to you you know per your contract awesome awesome well adam as far as questions that’s all i’ve gotten i think you’ve done an incredible job answering and like i said it’s always a pleasure talking with you buddy i said i think your company

You guys hfs does a fantastic job you know so i really appreciate you man coming on if you don’t care for our listeners we just i know obviously we send out a contact but kind of maybe tell everyone where you guys may be locate or how to contact you guys just to kind of get that out there if anyone wants to do it yeah absolutely so we’re very proud to say that if

You do a google search for hfs financial we’ll be on page one of google so our website is hfs financial net we are located our corporate offices in maryland and we serve all 50 states even hawaii we’ve loans and so you know we’re okay to deal with every any customer that of course you know this that you would have but if anyone and your listeners have relatives

In other states that we might be able to help but you know we’re able to do the whole country and again hfs financial net is our website lots of good information on there and you know we look forward to continuing growing our relationship with you justin and your team because uh it’s been it’s been a great working relationship up until now absolutely and we

Appreciate it and i got to ask though how many people are building pools in hawaii man surrounded by water you know i mean i don’t think you need a pool there we’re always surprised with the project sizes seem to average about two hundred thousand yeah yeah yeah that’s awesome and especially right now it’s in our time it’s it’s we’re right in february and it’s cold

Or i’m at i don’t about you but it’d be nice to be there well man adam once again a pleasure man i really appreciate it you guys like i said do a great job and this is another episode of hashtag pool guys unfiltered please for all of our customers please reach out to us send us all questions you have anything regarded to pools and spas related via our facebook page

Any other social media sites instagram pinterest also we’re you know through our website and things like that so american pool and spa richmond kentucky leave it to us just swim and relax

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CAN I GET A LOAN FOR A POOL? (How to Finance a Pool} | #PoolGuys By American Pool and Spa KY