August 11, 2022

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Home living innovation

Mosaic Surpasses $4 Billion in Bank loan Funding for Residential Solar and Household Advancement Funding

OAKLAND, Calif., Feb. 4, 2021 /PRNewswire/ — Mosaic, the main financing system for U.S. household solar and power-successful property improvement jobs, currently introduced it has surpassed $4 billion in loans funded by means of the company’s platform. Mosaic carries on to speed up its place in solar and vitality with enhancements to its industry-1st PowerSwitch ZERO solution and essential additions to its management workforce.

The enterprise has now extra new attributes to its PowerSwitch ZERO photo voltaic funding presenting — no payments for 18 months and a 25-calendar year financial loan phrase.** The products also has the choice of a 12-month, zero-payment promotional period of time, and 10-, 15- or 20-yr installment terms with no prepayment penalty.

“No payments for 18 months and a lessen every month payment will make it even less complicated for home owners to change to clean up energy,” claimed Billy Parish, founder and CEO of Mosaic. “Mosaic was the initially to produce 20-yr and 25-calendar year photo voltaic financial loans, the 1st to make battery-only and solar roofing mortgage products and solutions. We were being the initial to offer you a no-payment solar bank loan option, and this is the future technology of our ongoing innovation. We will continue to anticipate sector requires and structure new options for our companions that help them to be agile and continue being aggressive.”

“Last year was an uncommon time, but solar financial loans have verified to be a robust asset as a result of this credit cycle, COVID and the economic troubles the industry faced in 2020,” reported Patrick Moore, president and COO of Mosaic. “We closed asset-backed securitizations of $222 million and $280 million in 2020, equally of which ended up a number of instances oversubscribed. We now have various many years of historical info, and the fiscal markets realize Mosaic’s dependable performance and disciplined approach to delivering prolonged-term value. This has strengthened our romance with capital marketplaces and minimized our price tag of funds, which makes it possible for Mosaic to go together decrease prices to homeowners.”

In addition to a strong 2020, Mosaic also additional to its leadership team very last month. Tamiko Kikuchi joins as Vice President of Products, and John King is the new Vice President and Head of Tactic and Company Improvement.

Kikuchi has additional than 10 many years of knowledge driving enterprise and profits advancement by means of product approach, course of action advancement and group management. Previously, she served as vice president of product and implementation at Renovate America, exactly where she oversaw the company’s full application solution portfolio and enterprise-extensive merchandise management organization.

King held leadership roles in the areas of finance and expenditure banking for much more than 15 decades just before becoming a member of the solar marketplace. Most a short while ago, he co-led money markets as Senior Vice President at LoanPal. Prior to that, he oversaw cash marketplaces and Treasury at Sunnova.

“We’re fired up to begin a new yr with the industry’s most adaptable finance choices, new items for our partners and their consumers and vital additions to our leadership crew,” stated Parish. “We hope more households to invest in strength-effective updates for their houses in 2021, and Mosaic will go on to guide the market place in building that probable.”

About Mosaic
Mosaic would make funding solar, photo voltaic moreover strength storage devices and other dwelling enhancements obtainable and reasonably priced for homeowners by offering the most basic borrower encounter in the marketplace. Prospects are referred by permitted photo voltaic installers and property advancement contractors and can qualify immediately for no money down financial loans with preset interest premiums and many expression selections. For our network of hundreds of solar installers and household improvement contractors, Mosaic gives a streamlined financing system to generate gross sales progress. Considering the fact that 2012, Mosaic has served more than 125,000 households go photo voltaic with its funding solutions. For extra information and facts, go to: www.joinmosaic.com.

All PowerSwitch Zero Loans and Dwelling Enhancement Financial loans by means of the Mosaic system are made by WebBank, Member FDIC, Equivalent Housing Lender.

* No payments for 12 or 18 months – fascination will be billed from the start of bank loan if the principal balance is not compensated in comprehensive inside the deferred fascination interval.

** 25 Yr POWERSWITCH ZERO Mortgage Reimbursement Instance:
— A 25 calendar year, fastened-amount, $30,000 PowerSwitch ZERO personal loan with a 2.99% APR and an 18-month marketing interval, would have 300 month-to-month payments of $148.50, starting off just after the end of the advertising interval.
— Yearly Share Level (APR) in the instance involves a .25% fascination charge reduction for debtors who indication up for automatic payments. Fascination Rate and monthly payments will boost if borrower variations payment system.

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