OAKLAND, Calif., Feb. 4, 2021 /PRNewswire/ — Mosaic, the top financing system for U.S. household solar and energy-effective property improvement assignments, nowadays declared it has surpassed $4 billion in loans funded by means of the firm’s platform. Mosaic carries on to speed up its placement in photo voltaic and vitality with enhancements to its business-to start with PowerSwitch ZERO merchandise and key additions to its management team.
The firm has now extra new characteristics to its PowerSwitch ZERO photo voltaic funding presenting — no payments for 18 months and a 25-year financial loan term.** The product or service also has the choice of a 12-month, zero-payment advertising interval, and 10-, 15- or 20-year installment conditions with no prepayment penalty.
“No payments for 18 months and a lower month to month payment will make it even less difficult for house owners to transform to clean up electrical power,” mentioned Billy Parish, founder and CEO of Mosaic. “Mosaic was the initially to create 20-calendar year and 25-12 months solar financial loans, the very first to make battery-only and photo voltaic roofing personal loan solutions. We have been the very first to offer a no-payment photo voltaic mortgage option, and this is the upcoming era of our ongoing innovation. We will continue to foresee market place requirements and layout new remedies for our associates that enable them to be agile and remain aggressive.”
“Previous yr was an unusual time, but photo voltaic financial loans have tested to be a potent asset by way of this credit cycle, COVID and the economic problems the marketplace confronted in 2020,” claimed Patrick Moore, president and COO of Mosaic. “We closed asset-backed securitizations of $222 million and $280 million in 2020, both of those of which were being multiple instances oversubscribed. We now have a number of a long time of historic data, and the fiscal marketplaces identify Mosaic’s constant overall performance and disciplined technique to delivering lengthy-expression price. This has strengthened our connection with funds marketplaces and decreased our price tag of capital, which allows Mosaic to move along decreased premiums to property owners.”
In addition to a powerful 2020, Mosaic also included to its leadership team past thirty day period. Tamiko Kikuchi joins as Vice President of Product, and John King is the new Vice President and Head of System and Corporate Growth.
Kikuchi has much more than 10 a long time of working experience driving small business and revenue development through item approach, course of action advancement and staff management. Formerly, she served as vice president of item and implementation at Renovate The us, wherever she oversaw the firm’s whole computer software merchandise portfolio and corporation-extensive item administration business.
King held leadership roles in the spots of finance and financial investment banking for much more than 15 years just before joining the solar field. Most just lately, he co-led cash markets as Senior Vice President at LoanPal. Prior to that, he oversaw money marketplaces and Treasury at Sunnova.
“We are thrilled to start out a new yr with the industry’s most versatile finance offerings, new items for our companions and their buyers and critical additions to our leadership staff,” mentioned Parish. “We be expecting far more family members to make investments in electrical power-efficient updates for their properties in 2021, and Mosaic will keep on to lead the industry in producing that possible.”
Mosaic would make funding solar, solar as well as strength storage methods and other dwelling improvements accessible and inexpensive for property owners by furnishing the most basic borrower practical experience in the industry. Shoppers are referred by authorized solar installers and property improvement contractors and can qualify promptly for no income down financial loans with mounted fascination rates and many expression possibilities. For our community of hundreds of photo voltaic installers and residence enhancement contractors, Mosaic delivers a streamlined financing platform to generate product sales growth. Considering the fact that 2012, Mosaic has assisted more than 125,000 households go photo voltaic with its funding products and solutions. For much more details, visit: www.joinmosaic.com.
All PowerSwitch Zero Loans and Dwelling Enhancement Loans by means of the Mosaic system are designed by WebBank, Member FDIC, Equivalent Housing Loan company.
* No payments for 12 or 18 months – interest will be billed from the get started of loan if the principal balance is not paid out in total inside the deferred fascination period.
** 25 Calendar year POWERSWITCH ZERO Bank loan Repayment Example:
— A 25 year, mounted-charge, $30,000 PowerSwitch ZERO mortgage with a 2.99% APR and an 18-month promotional interval, would have 300 every month payments of $148.50, beginning soon after the end of the promotional period.
— Annual Share Amount (APR) in the illustration consists of a .25% curiosity price reduction for borrowers who sign up for computerized payments. Curiosity Fee and regular monthly payments will increase if borrower variations payment technique.