OAKLAND, Calif., April 21, 2020 /PRNewswire/ -- Mosaic, a leading provider of financing solutions for residential solar and home improvement projects in the U.S., announced today that BNP Paribas approved a $50 million increase in its current warehouse lending facility from $150 million to $200 million and extended the term by two years. This increase and extension will support the company's growth by funding installations of solar energy systems, batteries and related clean energy solutions for homeowners.
"One of Mosaic's strengths is our significant and diversified funding capacity. This expanded facility will help us continue to offer affordable lending solutions through today's economic crisis and beyond," said Billy Parish, founder and CEO of Mosaic. "BNP Paribas has been a key lender to Mosaic since 2016 and has demonstrated the true meaning of partnership. They share our passion for solving climate change and are enabling our vision of 100% clean energy for all."
"Mosaic is a valued long-term partner, and this increase and extension is a vote of confidence in the platform they have built," said Ricardo Toro, managing director at BNP Paribas. "We have made the fight against climate change our top environmental priority, and together with Mosaic, we are proud to help make clean energy accessible and affordable throughout the U.S."
This expanded lending capacity follows other recent milestones for Mosaic. Financing through the Mosaic platform has supported solar installations for more than 100,000 homes. In addition, the company's platform has topped $3 billion in loans funded since inception through its solar and home improvement business units.
Mosaic makes financing solar, solar plus energy storage systems and other home improvements accessible and affordable for homeowners by providing the simplest borrower experience in the industry. Customers are referred by approved solar installers and home improvement contractors and can qualify instantly for no money down loans with fixed interest rates and multiple term options. For our network of hundreds of solar installers and home improvement contractors, Mosaic provides a streamlined financing platform to drive sales growth. Since 2012, Mosaic has helped more than 100,000 households go solar with its financing products. For more information, visit: www.joinmosaic.com