OAKLAND, Calif., Feb. 4, 2021 /PRNewswire/ — Mosaic, the leading funding platform for U.S. residential solar and vitality-efficient home advancement tasks, these days announced it has surpassed $4 billion in financial loans funded by the company’s platform. Mosaic proceeds to speed up its posture in solar and electricity with enhancements to its industry-1st PowerSwitch ZERO solution and essential additions to its management staff.
The company has now additional new capabilities to its PowerSwitch ZERO photo voltaic funding offering — no payments for 18 months and a 25-yr mortgage expression.** The product or service also has the selection of a 12-thirty day period, zero-payment marketing time period, and 10-, 15- or 20-12 months installment conditions with no prepayment penalty.
“No payments for 18 months and a reduced regular monthly payment will make it even easier for owners to change to clean up electrical power,” explained Billy Parish, founder and CEO of Mosaic. “Mosaic was the 1st to make 20-yr and 25-12 months solar loans, the to start with to create battery-only and photo voltaic roofing bank loan items. We were the initially to offer you a no-payment solar mortgage choice, and this is the following technology of our ongoing innovation. We will continue to anticipate industry needs and style and design new remedies for our associates that enable them to be agile and continue to be aggressive.”
“Last 12 months was an strange time, but photo voltaic loans have demonstrated to be a robust asset via this credit score cycle, COVID and the economic difficulties the market confronted in 2020,” mentioned Patrick Moore, president and COO of Mosaic. “We shut asset-backed securitizations of $222 million and $280 million in 2020, both of those of which ended up several occasions oversubscribed. We now have many decades of historic information, and the economical markets recognize Mosaic’s steady performance and disciplined technique to delivering extended-phrase value. This has strengthened our romantic relationship with capital markets and decreased our expense of funds, which permits Mosaic to go together decrease rates to homeowners.”
In addition to a potent 2020, Mosaic also included to its leadership staff past month. Tamiko Kikuchi joins as Vice President of Solution, and John King is the new Vice President and Head of Strategy and Company Improvement.
Kikuchi has extra than 10 decades of knowledge driving business and income progress through solution approach, procedure improvement and workforce leadership. Formerly, she served as vice president of item and implementation at Renovate America, where by she oversaw the company’s total computer software product portfolio and organization-huge item management organization.
King held leadership roles in the spots of finance and expenditure banking for much more than 15 years in advance of becoming a member of the photo voltaic industry. Most not long ago, he co-led money markets as Senior Vice President at LoanPal. Prior to that, he oversaw money markets and Treasury at Sunnova.
“We’re enthusiastic to get started a new year with the industry’s most flexible finance choices, new goods for our companions and their buyers and crucial additions to our management group,” claimed Parish. “We anticipate more people to commit in power-economical upgrades for their houses in 2021, and Mosaic will go on to direct the sector in creating that probable.”
About Mosaic
Mosaic would make funding solar, solar additionally energy storage units and other dwelling advancements accessible and cost-effective for householders by giving the most basic borrower encounter in the field. Customers are referred by authorized photo voltaic installers and household enhancement contractors and can qualify right away for no income down loans with fastened curiosity prices and numerous phrase selections. For our community of hundreds of photo voltaic installers and residence enhancement contractors, Mosaic presents a streamlined funding platform to push revenue expansion. Considering that 2012, Mosaic has served additional than 125,000 homes go photo voltaic with its funding products. For more data, take a look at: www.joinmosaic.com.
All PowerSwitch Zero Financial loans and Residence Advancement Loans by the Mosaic system are designed by WebBank, Member FDIC, Equivalent Housing Financial institution.
* No payments for 12 or 18 months – interest will be billed from the start of loan if the principal balance is not paid out in full within the deferred desire time period.
** 25 Year POWERSWITCH ZERO Mortgage Reimbursement Case in point:
— A 25 yr, set-price, $30,000 PowerSwitch ZERO bank loan with a 2.99% APR and an 18-thirty day period promotional period, would have 300 month-to-month payments of $148.50, beginning right after the close of the marketing period.
— Once-a-year Percentage Rate (APR) in the instance features a .25% interest price reduction for debtors who signal up for automated payments. Interest Price and regular payments will boost if borrower modifications payment method.
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