Dividend Closes Large Solar Loan Portfolio Sale and New Home Improvement Loan Credit Facility
SAN FRANCISCO--(BUSINESS WIRE)--Jan 8, 2020--
In December 2019, Dividend Finance, LLC (“Dividend” or the “Company”) completed two significant transactions, including the sale of approximately $200 million of residential solar loans to a large institutional investor and the execution of a $100 million credit facility for its home improvement loans with Citibank, N.A. (“Citibank”).
“The size of our portfolio sale affirms investor interest and comfort with residential solar,” said Eric White, Dividend’s CEO. “The transaction also represents a significant step forward in the Company’s financial diversification strategy, complementing our established asset-backed securitization (ABS) and depository direct programs.”
Further to its private facility with LL Funds and to support its growing home improvement lending business, Dividend also executed a $100 million committed credit facility with Citibank. These facilities are in addition to the Company’s previously announced Citibank and Credit Suisse AG solar loan warehouse facilities. Noted Brendan Keane, SVP Capital Markets, “Collectively, among our ABS, whole loan sale, warehouse funding and commercial PACE programs, the Company is proud to have crossed the $1 billion threshold in capital markets penetration.”
Dividend currently operates in 41 states through its network of over 1,000 solar and home improvement partners. The Company’s platform enables U.S. homeowners to access financing for solar energy and energy-efficient home improvements through a seamless and hassle-free customer experience.
About Dividend Finance
Dividend is a leading national provider of renewable energy, energy-efficiency and home improvement financing solutions for property owners. The Company offers a suite of residential solar, home improvement and commercial PACE financing products. Dividend pioneered the residential solar financing landscape in 2014 with the launch of its EmpowerLoan product for financing residential solar installations and continues to expand its product offerings into the home improvement market. In addition to its industry-leading suite of financial products, Dividend has developed a comprehensive technology platform for installation partners and homeowners to streamline the financing process and manage financed project fulfillment. LL Funds is the primary sponsor of, and a lead investor in, the Company. Learn more by visiting www.dividendfinance.com.
View source version on businesswire.com:https://www.businesswire.com/news/home/20200108005695/en/
CONTACT: Ryan Ahearn
SVP Product Management & Marketing
Dividend Finance, LLC
(858) 771 – 0896
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
INDUSTRY KEYWORD: OTHER ENERGY UTILITIES CONSTRUCTION & PROPERTY FINANCE ALTERNATIVE ENERGY ENERGY PROFESSIONAL SERVICES RESIDENTIAL BUILDING & REAL ESTATE
SOURCE: Dividend Finance, LLC
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PUB: 01/08/2020 12:00 PM/DISC: 01/08/2020 12:00 PM