OAKLAND, Calif., Feb. 4, 2021 /PRNewswire/ — Mosaic, the primary financing system for U.S. residential solar and electrical power-efficient dwelling improvement jobs, currently introduced it has surpassed $4 billion in loans funded by way of the company’s platform. Mosaic proceeds to accelerate its placement in solar and strength with enhancements to its business-initial PowerSwitch ZERO solution and key additions to its management staff.
The firm has now included new characteristics to its PowerSwitch ZERO solar funding presenting — no payments for 18 months and a 25-12 months personal loan time period.** The solution also has the choice of a 12-month, zero-payment advertising period, and 10-, 15- or 20-yr installment phrases with no prepayment penalty.
“No payments for 18 months and a decreased every month payment will make it even simpler for home owners to convert to clear vitality,” said Billy Parish, founder and CEO of Mosaic. “Mosaic was the initially to build 20-year and 25-12 months photo voltaic financial loans, the initially to make battery-only and photo voltaic roofing financial loan goods. We have been the initially to supply a no-payment solar financial loan selection, and this is the subsequent generation of our ongoing innovation. We will carry on to anticipate marketplace needs and layout new solutions for our associates that help them to be agile and continue to be aggressive.”
“Final 12 months was an unconventional time, but photo voltaic loans have demonstrated to be a strong asset as a result of this credit score cycle, COVID and the economic challenges the marketplace faced in 2020,” mentioned 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 many instances oversubscribed. We now have many years of historical details, and the economical markets figure out Mosaic’s consistent functionality and disciplined approach to providing lengthy-phrase worth. This has strengthened our partnership with funds markets and minimized our cost of cash, which permits Mosaic to go along lower costs to householders.”
In addition to a strong 2020, Mosaic also additional to its leadership workforce final month. Tamiko Kikuchi joins as Vice President of Item, and John King is the new Vice President and Head of System and Corporate Advancement.
Kikuchi has more than 10 yrs of experience driving business enterprise and income progress via products approach, course of action advancement and crew leadership. Beforehand, she served as vice president of product and implementation at Renovate America, in which she oversaw the company’s overall application product portfolio and firm-large product or service management group.
King held leadership roles in the parts of finance and investment decision banking for additional than 15 yrs before signing up for the photo voltaic business. Most not long ago, he co-led capital markets as Senior Vice President at LoanPal. Prior to that, he oversaw money marketplaces and Treasury at Sunnova.
“We are psyched to begin a new calendar year with the industry’s most versatile finance offerings, new goods for our companions and their buyers and vital additions to our management team,” explained Parish. “We anticipate additional households to devote in electrical power-economical updates for their properties in 2021, and Mosaic will keep on to lead the industry in making that feasible.”
About Mosaic
Mosaic tends to make financing solar, photo voltaic moreover vitality storage devices and other household advancements available and inexpensive for householders by providing the most basic borrower expertise in the industry. Prospects are referred by permitted photo voltaic installers and home improvement contractors and can qualify instantaneously for no funds down loans with mounted curiosity premiums and numerous time period choices. For our community of hundreds of solar installers and home enhancement contractors, Mosaic supplies a streamlined financing platform to push sales expansion. Given that 2012, Mosaic has assisted extra than 125,000 households go solar with its funding items. For a lot more information, stop by: www.joinmosaic.com.
All PowerSwitch Zero Loans and Home Improvement Financial loans by the Mosaic system are designed by WebBank, Member FDIC, Equal Housing Loan provider.
* No payments for 12 or 18 months – interest will be billed from the begin of personal loan if the principal equilibrium is not paid in whole inside of the deferred desire time period.
** 25 12 months POWERSWITCH ZERO Personal loan Reimbursement Instance:
— A 25 12 months, mounted-amount, $30,000 PowerSwitch ZERO financial loan with a 2.99% APR and an 18-month promotional time period, would have 300 every month payments of $148.50, starting up immediately after the finish of the advertising interval.
— Yearly Percentage Fee (APR) in the instance contains a .25% curiosity charge reduction for borrowers who signal up for computerized payments. Interest Charge and month-to-month payments will raise if borrower adjustments payment system.
Source Mosaic
