U.S. residential solar and energy-efficient home improvement financing agency Mosaic this week announced it has surpassed $4 billion in loans funded through the company’s platform.
The company has also added new features to its financing program including no payments for 18-months and a 25-year term loan, which it says will make it even easier for homeowners to go solar.
“Last year was an unusual time, but solar loans have proven to be a strong asset through this credit cycle, COVID and the economic challenges the market faced in 2020,” said Patrick Moore, president and COO of Mosaic. ” We closed asset-backed securitizations of $222 million and $280 million in 2020, both of which were multiple times oversubscribed. We now have multiple years of historical data, and the financial markets recognize Mosaic’s consistent performance and disciplined approach to delivering long-term value. This has strengthened our relationship with capital markets and reduced our cost of capital, which allows Mosaic to pass along lower rates to homeowners.”
In addition to a strong 2020, Mosaic also added to its leadership team last month. Tamiko Kikuchi joins as Vice President of Product, and John King is the new Vice President and Head of Strategy and Corporate Development.
Kikuchi has more than 10 years of experience driving business and revenue growth through product strategy, process improvement and team leadership. Previously, she served as vice president of product and implementation at Renovate America, where she oversaw the company’s entire software product portfolio and company-wide product management organization.
King held leadership roles in the areas of finance and investment banking for more than 15 years before joining the solar industry. Most recently, he co-led capital markets as Senior Vice President at LoanPal. Prior to that, he oversaw capital markets and Treasury at Sunnova.