Spruce Finance, a provider of consumer financing for residential energy efficiency and solar technology, completed a whole loan sale of $250 million of its efficiency and solar loan portfolio to a large North American bank with expertise in consumer loan assets. This marks the second major sale of loan assets for the company.
“We’re pleased about institutional investors’ growing confidence in the lending market for renewable and energy efficient home technologies. These loans, with terms of 7 to 20 years, allow for financing that better matches the useful life of the asset, creating much better value for the consumer. The capital unlocked from this transaction, combined with incremental capital recently provided by a global investment firm, will support the future growth of our business,” said Steve Olszewski, Spruce’s chief operating officer.
The company expects the sale to serve as a foundation for future loan flow sales transactions.
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More about Spruce
Spruce provides homeowners with multiple ways to finance residential energy efficiency improvements and solar systems. This helps people reduce their utility bills and improve their homes and communities. We make our finance products available on a single software platform and sell them through a national network of verified channel partners. Our platform simplifies the sales experience for our channel partners and helps them sustainably grow their businesses. A private company headquartered in San Francisco, we operate in all 50 states and Washington, DC. We have raised more than $2B in project finance and currently serve nearly 70,000 homeowners.
— Solar Builder magazine
[source: http://solarbuildermag.com/financing/spruce-finance-sells-250-million-solar-loan-portfolio/]
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