SunTrust Banks in Atlanta is teaming up with another fintech upstart to expand its reach in consumer lending.
The $202 billion-asset company said Wednesday that it has struck a partnership with the online lender Microf to offer point-of-sale loans to homeowners looking to replace aging residential heating, ventilation and air conditioning systems.
SunTrust will hold the loans on its books and a pay a fee to Microf for the referrals. Microf, based in Albany, Ga., offers the loans through its nationwide network of HVAC contractors.
“This program combines the strength of SunTrust’s lending experience with Microf’s strong industry presence to allow us to help more clients quickly and easily meet their HVAC needs,” Ellen Koebler, SunTrust’s head of consumer solutions, said in a news release.
SunTrust has aggressively expanded its consumer lending in recent years through partnerships with online lenders. Its Lightstream subsidiary, which it acquired in 2012, offers financing for a wide range of goods and services, including cars, boats, medical procedures, weddings and adoptions. It is also one of roughly 15 banks that offers home-improvement and other personal loans through a partnership with the fintech GreenSky.
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