Cloud-based software provider Buildertrend has partnered with personal loans provider Rocket Loans, according to a news release. The partnership aims to simplify the home financing process for residential contractors and homeowners by streamlining the process of applying for home improvement loans, according to the companies.

Nearly half of homeowners in the U.S. plan to renovate their homes within the next two years and a third of those planning renovations expect to spend more than $50,000, according to recent research from TD Bank. Buildertrend's partnership with Rocket Loans intends to capitalize on this anticipated activity in the remodeling market, according to the release. The partnership is designed to make it easy for contractors to recommend loan options for customers based on project estimates and for homeowners to apply for financing.

“Historically, there’s been a disconnect between homeowners and contractors when it comes to financing, which is one of the most critical steps in determining the outcome of a remodeling project,” Dan Houghton, co-founder of Buildertrend, said in a public statement. “By partnering with Rocket Loans, we're closing this gap and enabling Buildertrend users to play an integral role from the beginning, helping homeowners apply for the project loans they need to make their remodeling dreams a reality.”

Buildertrend is a cloud-based based project management software tool for builders, remodelers, and specialty contractors. The company's platform is designed to streamline every aspect of the residential construction process by eliminating paper-based processes and empowering contractors to avoid delays and increase customer communication. The Rocket Loans integration will offer a new touch point for homeowners and contractors at the onset of a remodeling project, ensuring all involved parties are aligned in terms of budget and financing.