announces the largest securitization of solar loans to date at $382.7 million and Expands the management team with two new recruits
OAKLAND, CA., April 21, 2022 /PRNewswire/ — Mosaica leading financing platform for solar and energy-efficient home retrofits in the United States, today announced that it has surpassed $7 billion in loans financed via the company’s platform. The milestone marks a strong first quarter for the mission-driven company, which also achieved its highest ever monthly loan volume in March.
“There is a growing importance of clean renewable energy as an economic driver, climate imperative and national security issue,” said Billy Parish, founder and CEO of Mosaic. “The urgency to provide affordable financing options to our partners and owners is growing, and Mosaic is uniquely positioned to help lead that charge.”
the $7 billion This milestone was achieved in mid-March and was fueled by the company’s strong industry relationships, operational capabilities and numerous financial partners. Mosaic also recently completed a $382.7 million securitization. It was Mosaic’s largest securitization to date and included the addition of Fitch Ratings, rating the senior (AA-) tranche of the transaction. Mosaic has now completed 12 securitizations in six years, which is more than any other solar loan issuer in the space. Additionally, Mosaic continues to establish new forward flow and direct origination partnerships with banks, credit unions, insurance companies and asset managers to further strengthen its diversified funding model.
Mosaic widens the executive bench
As Mosaic continues to experience rapid growth, the company has added two new leaders to its team. Kim McNealy joined as General Manager of Home Improvement and reports to patrick moore, President and Chief Operating Officer. And Noura Panarite joined as senior vice president of enterprise applications and reports to Nagaraju Bandaruchief technology officer.
McNealy oversees home improvement business operations at Mosaic, developing, deploying and maintaining highly competitive products and services across the entire home improvement ecosystem, from OEMs, distributors and SaaS platforms, installers and sales organizations. He has over two decades of experience in business development and customer experience strategy focused on high-growth technology companies.
As SVP of Enterprise Applications for Mosaic, Panaritis serves as the technology business partner for the sales, marketing, finance, operations and human operations departments. She brings a proven track record in go-to-market, finance and operations technology solutions to Mosaic and recently worked at LightSpeed Commerce and JD Power.
“We are honored to have Kim McNealy and Noura Panarite join our team,” Moore said. “Their unique and compelling experience, coupled with their enthusiasm for growth, makes us very excited about the impact they will have on advancing our mission.
Mosaic makes financing for solar energy storage systems, solar plus, and other sustainable home improvements accessible and affordable for homeowners by providing a quick and easy way to apply for financing options. Customers learn about Mosaic through licensed solar installers and home improvement contractors, as well as other ecosystem partners, and can get a credit decision in minutes for no-down payment loans with rates fixed interest rates and multiple term options. Funding requested and processed through the Mosaic platform is from Solar Mosaic LLC or one of its lending/funding partners. For our network of thousands of solar installers and home improvement contractors, Mosaic provides a streamlined financing platform to drive sales growth. Since 2012, Mosaic has helped more than 220,000 households transition to sustainable home improvements through its financing products.