Goldman Sachs buys $300m of non-bank loans

By Daniel Lanyon on 13th September 2017

P2P/Marketplace LendingChallenger Banks

The bank has been on a tear with acquisitions and investments into fintech and non-bank loans.

Goldman Sachs buys $300m of non-bank loans

The bank has been on a tear with acquisitions and investments into fintech and non-bank loans. 

Goldman Sachs Bank will purchase $300m in home solar loans originated by Mosaic, a US provider of home solar financing.

"This purchase commitment further strengthens Mosaic's position as the most trusted home energy financing platform in the US with diversified sources of capital," said Billy Parish, CEO of Mosaic. "We are excited to work with a leading bank that shares our passion for providing clean energy financing solutions to homeowners."

The GS Bank purchase commitment increases Mosaic's available future loan funding commitments from banks and credit unions to $800m. This is in addition to $650m of borrowing capacity provided by Mosaic's existing warehouse partners. Mosaic also has access to the term securitization market as well and is using this alongside whole laon purchases to position itself for  “strong” growth in 2018.

Mosaic provides financing to homeowners to purchase rooftop solar systems, which it claims typically result in savings “of tens of thousands of dollars” in energy costs over the life of the system.

It has equity backing from Warburg Pincus, and a network of more than 125 solar companies that offer the company's financing products.

Mosaic has originated over $1bn of loans to date since its launch in 2012.

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