Securitization, the largest residential solar securitization to date, brings the total amount of securitized loans generated on the Loanpal technology platform to $ 1.4 billion since early 2020
SAN FRANCISCO, January 7, 2021 / PRNewswire / – Loanpal, the national leader in sustainable home improvement point-of-sale financing, today announced that Loanpal Solar Loan 2021-1 Ltd. and Loanpal Solar Loan 2021-1 LLC (“LPSLT 2021-1”) concluded a securitization of approximately $ 474 million value of Loanpal solar loans previously purchased by Goldman Sachs Lending Partners LLC, Blackstone Credit, Davidson Kempner Capital Management LP, funds managed by CarVal Investors, Credigy and GoodFinch. This transaction confirms the increased demand in the market for high quality ESG assets and represents the fourth securitization since early 2020 for loans generated on the Loanpal platform, totaling more than $ 1.4 billion during this period.
“We are excited to start 2021 with another record-breaking residential solar loan securitization and look forward to our continued growth this year across the overall sustainable home improvement market of over $ 100 billion,” said the President and chief investment officer of Loanpal Tanguy Serra. “Investor demand is incredibly strong for these high quality assets as the combination of excellent payout performance and attractive online instant loan returns pushes new buyers into the clean energy market.
“We are excited to start 2021 with another record-breaking residential solar loan securitization and look forward to our continued growth this year across the overall sustainable home improvement market of over $ 100 billion,” said the President and chief investment officer of Loanpal Tanguy Serra. “Investor demand is incredibly strong for these high quality assets as the combination of excellent payout performance and attractive returns pushes new buyers into the clean energy market.
Loanpal leverages its deep expertise in technology, data and loans to make sustainable renovation products more accessible to homeowners looking to make a positive impact on the planet. Loanpal’s proprietary technology platform is accessed by more than 12,000 point-of-sale sales professionals, creating a highly efficient, best-in-class channel for financial institutions to deploy their capital in ESG assets. Loanpal works with credit unions, insurance companies, banks and asset managers and has provided approximately $ 5 billion solar loans and other residential efficiency loans through its platform since 2018, enabling more than 175,000 families to take action to reduce their carbon footprint.
This securitization, sponsored by Goldman Sachs, consists of more than $ 430 million of notes, including $ 390 million are rated by Kroll Bond Rating Agency. The Notes are modeled as a weighted average life of approximately 5.44 years, 6.48 years and 6.95 years for Class A Notes, Class B Notes and Class C Notes, respectively, and are backed by an initial guarantee pool of approximately $ 474 million loans with an average FICO score of 742.
“As homeowners continue to embrace clean energy products, access to efficient capital is critical to supporting market growth. Loanpal continues to be a leader in the sustainable home improvement market and we are delighted to participate in a transaction that will help advance the financing of residential solar products, ”said Katrina Niehaus, Managing Director of Goldman Sachs.
Loanpal is the country’s leading technology platform for the over $ 100 billion sustainable home improvement market. The company is committed to providing a technology-based lending experience that is simple, fast and frictionless, resulting in instant approvals at the point of sale. Loanpal’s technology is used by over 12,000 sales professionals to deploy approximately $ 400 million one month in solar products and other sustainable renovation products. Loanpal has traded on $ 5 billion on its platform since its launch in 2018. Loanpal is a proud partner of GivePower, a 501 (c) (3) company, whose mission is to build and deploy clean water and solar energy systems for needy communities around the world. To learn more about Loanpal, visit, follow and contact us at www.loanpal.com, @loanpal, and Linkedin.
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