Chief Credit Officer, General Counsel and Managing Director of Capital Markets join solar lender as company positions itself for rapid growth
OAKLAND, Calif., July 11, 2016 /PRNewswire/ — Mosaic, the leading solar loan provider nationwide today announces three new hires. The company has appointed Michael McDermitt as Chief Credit Officer, Eric Watson as Executive Vice President and General Counsel, and Katya Baron as Managing Director of Capital Markets. The addition of these roles positions the company to continue to meet the growing demand for simple, affordable solar financing solutions.
“We are thrilled to welcome Michael, Eric and Katya to Mosaic as we enter our next phase of growth,” said Billy Parish, founder and Chief Executive Officer at Mosaic. “Each of our new hires is an expert in their respective fields and will play an important role as we prepare to reach our goal of originating $1 billion in solar loans by the end of the year. Every day, more homeowners are choosing to transition from fossil fuel based electricity and move toward going 100% clean energy at home.”
Michael McDermitt brings more than 20 years in financial services to his role as Chief Credit Officer at Mosaic. Previously he worked at Moody’s Investors Service, where his team assigned ratings to over $75 billion of ABS transactions backed by commercial and esoteric assets. He also co-founded a specialty finance company providing term loans to small businesses in targeted industries. McDermitt spent nearly 10 years as an investment banker, primarily at Smith Barney and holds an MBA from New York University Stern School of Business.
Eric Watson serves as the Executive Vice President and General Counsel of Mosaic, where he oversees the legal and compliance functions. He brings more than 20 years of legal experience with a focus on consumer lending and capital markets. Prior to joining Mosaic, Watson served as Deputy General Counsel of Sofi. He’s also held various roles at Navient Corporation, where he was instrumental in the spin off from Sallie Mae, as well as at Skadden, Arps, Slate Meagher and Flom LLP. Watson holds a J.D. from the University of Pennsylvania.
Katya Baron brings more than 15 years in financial services to Mosaic. In her new role as Managing Director of Capital Markets, she is responsible for arranging loan financing and securitization transactions. Most recently, Baron served as the Managing Director, Capital Markets at Aequitas. She’s also held various roles at Barclays Capital, JPMorgan, Sterne Agee and Gleacher.
This news comes on the heels of the development of a $200 million warehouse facility with Germany’s DZ BANK and NY Green Bank. The company is utilizing this financing to offer homeowners the financial support needed to be able to fully benefit from owning their own solar system, saving tens of thousands of dollars over the life of the system.