David Zalik is a name that few Americans know. He first came to the country at age three when his parents immigrated from Israel. Zalik proved to be a child prodigy throughout his formative years, graduating from high school at the age of just 12.
Zalik attended the University of Auburn where he demonstrated that he could keep up with much older students. But he quickly grew bored with academic life, eventually dropping out at the age of 14 to found his own company.
Over the next two decades, Zalik would go on to found and sell off a large number of companies, ending up with a considerable fortune by the time he was in his early 30s. It was then that he first conceived of the idea for GreenSky Credit.
Bridge financing at the retail level
Zalik had accumulated a great deal of experience within the home improvement space. He had noticed that a number of the most prominent players in this industry were losing a great deal of business. The nature of the problem, Zalik saw, was that customers were ending up thinking that their home improvement projects would come in at a far lower cost than the actual estimate ended up being.
Zalik asked why it wouldn’t be possible to extend these retail home improvement customers the same kinds of bridge financing opportunities that are available for some of the biggest real estate developers. After all, Zalik saw that the kinds of projects being done by high-end home improvement customers were very similar to the kind of projects that real estate development firms did every day. And the costs, while not as high as commercial projects, were often high enough that they left average home renovation customers with no viable way of financing their projects.
This was the impetus behind the creation of GreenSky Credit. GreenSky Credit is dedicated to providing high-end home improvement customers with loans up to the six figures at the point of sale. GreenSky has partnered with some of the top banks in the country. And GreenSky customers often have to make no payments on the loans for an entire year.