Global Financial Services Company to Provide Institutional Investment and Support Mosaic’s Rapid Growth in Home Solar Loans
OAKLAND, Calif., Oct. 20, 2014 /PRNewswire/ — Mosaic, a peer-to-peer solar finance company, today announced that an affiliate of global reinsurer PartnerRe Ltd. (NYSE: PRE) will provide up to $100 million in financing for Mosaic’s home solar loan program.
Under the terms of the facility, PartnerRe will finance the purchase of loans originated by Mosaic. The company also expects to continue to grow its successful peer-to-peer lending platform, which has already seen thousands of investors join the Mosaic community.
“Mosaic’s superior loan terms, user-friendly borrowing experience, and recent expansion into several new states throughout the U.S. have resulted in accelerating demand for capital sourcing for our homeowner loans beyond traditional crowdfunding,” said Bruce Ledesma, Mosaic’s Chief Operating Officer. “We are thrilled to work with an experienced investment team to expand the availability of our lending capacity to solar installers and their customers throughout the country.”
“Mosaic has successfully created innovative loan products and technology-driven origination processes,” said David Moran, President of PartnerRe Principal Finance Inc. “PartnerRe is impressed with the quality of consumer loans in Mosaic’s portfolio. We look forward to beginning our financing arrangement and facilitating greater access to capital for the solar market consistent with our investment objectives.”