Announces Largest Solar Loan Securitization to Date at $382.7 Million and Expands Executive Team with Two New Hires
OAKLAND, Calif., April 21, 2022 /PRNewswire/ — Mosaic, a number one financing platform for U.S. residential solar and energy-efficient home enhancements, in the present day introduced it has surpassed $7 billion in loans funded by the corporate’s platform. This milestone indicators a powerful first quarter for the mission-driven firm, which additionally achieved its highest month-to-month mortgage quantity so far in March.
“There’s a growing importance of clean renewable energy as an economic engine, a climate imperative, and a matter of national security,” stated Billy Parish, founder and CEO of Mosaic. “The urgency to deliver affordable financing options for our partners and homeowners is growing, and Mosaic is uniquely positioned to help lead this charge.”
The $7 billion milestone was handed in mid-March and was fueled by the corporate’s sturdy trade relationships, operational capabilities and quite a few capital companions. Mosaic additionally just lately accomplished a $382.7 million securitization. This was Mosaic’s largest securitization so far and included the addition of Fitch Ratings, ranking the senior (AA-) tranche of the transaction. Mosaic has now accomplished 12 securitizations over the course of six years, which is greater than another solar mortgage issuer within the house. Additionally, Mosaic continues to construct new ahead stream and direct origination partnerships with banks, credit score unions, insurance coverage corporations and asset managers to additional strengthen its diversified funding mannequin.
Mosaic Expands Executive Bench
As Mosaic continues to expertise fast development, the corporate has added two new leaders to its crew. Kim McNealy has joined as common supervisor of home enchancment and studies to Patrick Moore, president and chief working officer. And Noura Panaritis has joined as senior vp of enterprise purposes and studies to Nagaraju Bandaru, chief expertise officer.
McNealy oversees the home enchancment enterprise operations at Mosaic, growing, deploying and sustaining extremely aggressive services all through the home enchancment ecosystem, from OEMs, distributors and SaaS platforms, to installers and gross sales organizations. He has greater than 20 years of expertise in enterprise growth and buyer expertise technique centered on high-growth, technology-based corporations.
As the SVP of enterprise purposes for Mosaic, Panaritis serves because the expertise enterprise companion for the gross sales, advertising and marketing, finance, operations and other people operations departments. She brings a confirmed monitor file in go-to-market, finance and operations expertise options to Mosaic and most just lately labored at LightSpeed Commerce and J.D. Power.
“We are honored to have Kim McNealy and Noura Panaritis join our team,” stated Moore. “Their unique and compelling experience, coupled with their enthusiasm for growth, make us very excited for the impact they will have on advancing our mission.”
Mosaic makes financing solar, solar plus energy storage techniques and different sustainable home enhancements accessible and reasonably priced for householders by offering a quick and simple method to apply for financing choices. Customers study Mosaic by permitted solar installers and home enchancment contractors, in addition to different ecosystem companions, and may get a credit score determination in minutes for no cash down loans with fastened rates of interest and a number of time period choices. Financing utilized for and processed by the Mosaic platform is originated by Solar Mosaic LLC or certainly one of its lending/financing companions. For our community of hundreds of solar installers and home enchancment contractors, Mosaic gives a streamlined financing platform to drive gross sales development. Since 2012, Mosaic has helped greater than 220,000 households swap to sustainable home enhancements with its financing merchandise.