LendingClub Corporation (NYSE: LC) announced it has begun underwriting and originating home improvement loans through a partnership with Wisetack, a platform that works with over 40,000 contractors.

The partnership allows LendingClub to offer loans up to $65,000 through Wisetack's embedded platform within contractor and merchant workflows. LendingClub's underwriting system provides real-time credit decisions using proprietary data.

"We're excited to begin originating loans within the $500 billion home improvement market, where we have distinct advantages over incumbents and a meaningful opportunity for growth," said Steve Mattics, Chief Lending Officer at LendingClub.

The partnership enables homeowners to receive instant offers and real-time approvals for financing, while contractors receive immediate funding and improved close rates on larger projects. LendingClub has also made an investment in Wisetack to support the partnership's expansion.

"LendingClub's move to originate loans strengthens the financing experience across our platform, helping more contractors offer flexible payment options that enable homeowners to move forward with larger projects," said Bobby Tzekin, Founder and CEO of Wisetack.

The companies plan to continue scaling the partnership and expanding the range of LendingClub-originated financing solutions available through the platform. The U.S. home improvement market represents an estimated $500 billion in annual spending, according to the press release.

LendingClub Corporation is the parent company of LendingClub Bank, National Association. Loans originated through the Wisetack partnership are underwritten by LendingClub Bank.