May 27, 2024


Home living innovation

Mosaic Surpasses $4 Billion in Loan Funding for Residential Photo voltaic and Residence Improvement Financing

OAKLAND, Calif., Feb. 4, 2021 /PRNewswire/ — Mosaic, the primary financing system for U.S. residential solar and electricity-successful house improvement assignments, currently announced it has surpassed $4 billion in loans funded through the company’s system. Mosaic proceeds to speed up its situation in solar and electrical power with enhancements to its marketplace-first PowerSwitch ZERO item and vital additions to its leadership crew.

The enterprise has now extra new options to its PowerSwitch ZERO photo voltaic financing presenting — no payments for 18 months and a 25-year mortgage expression.** The product also has the preference of a 12-thirty day period, zero-payment advertising interval, and 10-, 15- or 20-yr installment phrases with no prepayment penalty.

“No payments for 18 months and a decrease month to month payment will make it even easier for house owners to transform to clear strength,” stated Billy Parish, founder and CEO of Mosaic. “Mosaic was the 1st to generate 20-year and 25-yr photo voltaic loans, the initial to make battery-only and solar roofing mortgage goods. We had been the 1st to give a no-payment solar bank loan choice, and this is the upcoming technology of our ongoing innovation. We will continue on to anticipate current market desires and style and design new answers for our partners that permit them to be agile and stay aggressive.”

“Previous year was an unconventional time, but solar loans have demonstrated to be a solid asset as a result of this credit history cycle, COVID and the financial troubles the current market faced in 2020,” explained Patrick Moore, president and COO of Mosaic. “We closed asset-backed securitizations of $222 million and $280 million in 2020, both equally of which were many occasions oversubscribed. We now have several years of historic details, and the economical marketplaces understand Mosaic’s steady functionality and disciplined strategy to providing very long-phrase price. This has strengthened our marriage with capital markets and lessened our charge of funds, which permits Mosaic to go alongside decrease rates to householders.”

In addition to a strong 2020, Mosaic also extra to its leadership staff last month. Tamiko Kikuchi joins as Vice President of Item, and John King is the new Vice President and Head of System and Corporate Progress.

Kikuchi has additional than 10 many years of knowledge driving enterprise and profits advancement through merchandise method, course of action advancement and workforce management. Earlier, she served as vice president of products and implementation at Renovate The us, exactly where she oversaw the company’s full software program product portfolio and company-extensive product or service management group.

King held leadership roles in the spots of finance and investment banking for a lot more than 15 a long time in advance of signing up for the solar market. Most lately, he co-led capital marketplaces as Senior Vice President at LoanPal. Prior to that, he oversaw funds markets and Treasury at Sunnova.

“We are energized to start out a new yr with the industry’s most adaptable finance offerings, new products for our companions and their clients and essential additions to our management group,” mentioned Parish. “We hope far more people to make investments in energy-efficient upgrades for their properties in 2021, and Mosaic will proceed to direct the current market in creating that possible.”

About Mosaic
Mosaic makes financing photo voltaic, solar additionally electrical power storage devices and other house advancements accessible and inexpensive for homeowners by delivering the simplest borrower expertise in the business. Customers are referred by approved photo voltaic installers and property advancement contractors and can qualify instantly for no funds down loans with fixed interest prices and numerous time period options. For our network of hundreds of solar installers and property improvement contractors, Mosaic presents a streamlined financing system to push revenue growth. Considering the fact that 2012, Mosaic has helped much more than 125,000 households go solar with its financing merchandise. For more information, go to:

All PowerSwitch Zero Financial loans and Household Improvement Loans through the Mosaic system are made by WebBank, Member FDIC, Equal Housing Loan provider.

* No payments for 12 or 18 months – desire will be billed from the start of loan if the principal harmony is not paid in complete within just the deferred fascination period.

** 25 Year POWERSWITCH ZERO Mortgage Compensation Illustration:
— A 25 calendar year, fastened-fee, $30,000 PowerSwitch ZERO financial loan with a 2.99% APR and an 18-thirty day period advertising time period, would have 300 month to month payments of $148.50, starting off soon after the stop of the marketing period.
— Annual Percentage Rate (APR) in the illustration includes a .25% curiosity amount reduction for debtors who sign up for computerized payments. Curiosity Price and month-to-month payments will increase if borrower alterations payment process.

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