SAN FRANCISCO, April 22, 2019 /PRNewswire/ -- Loanpal today announced several key milestones, including the financing of more than 20% of all new residential solar loans in the United States. Driven by industry leaders who helped create the residential and commercial solar industry a decade ago, Loanpal reduces the friction common to consumer lending through its proprietary fintech platform, which seamlessly connects banks, clean energy system installers, and homeowners.
"Until now, it has been difficult for solar and other clean energy companies to easily integrate financing solutions into their proprietary sales and operations processes for their customers," said Hayes Barnard, Founder and Executive Chairman of Loanpal. "We are grateful that 80% of the top 50 solar companies in the U.S. have adopted our platform in the last 15 months, enabling more than 35,000 customers to benefit from new solar systems."
Since its inception, key Loanpal milestones include:
Reached a 21% market share of all residential solar loans in just 12 months
Partnering with 80 percent of the top 50 solar providers in the United States
Lending $110M per month in loans backed by residential solar systems
Goldman Sachs priced a $241 million securitization of Loanpal originated residential solar loans
Underpinning the company's success is its executive leadership team, business approach, and advanced technology, which solves challenges for the entirety of the clean energy industry ecosystem: financial institutions, system installation companies, and homeowners.
For Financial Institutions
For Financial Institutions, Loanpal's end-to-end technology establishes a highly-efficient, super-prime channel to easily deploy capital without the traditional costs associated with a consumer lending platform. Loanpal manages the entire loan process, from origination to servicing and serves as the central connective tissue for the clean energy industry.
"Efficient capital is key to making solar energy cost effective and accessible. Through our partnership with Loanpal, Goldman aims to help make solar more available for homeowners resulting in a positive long-term impact on the environment," said Katrina Niehaus, Head of Corporate Structured Finance Investment Banking at Goldman Sachs.
For System Installation Partners
For its system installation partners, Loanpal's technology directly integrates into their point of sale and operational systems, creating a seamless sales and back office experience. This, coupled with the ability to finance cutting-edge clean energy products, helps Loanpal meet the various needs of its partners, and increase their sales conversion by up to 15%.
"Sunrun is committed to delivering a superior service to our customers, which is why we chose to partner with Loanpal," said Lynn Jurich co-founder and Chief Executive of Sunrun, the nation's leading home solar and energy services company. "Loanpal's quick and easy point of sale experience helps give more households access to clean, affordable solar energy."
For Homeowners, Loanpal offers zero down financing, virtually instant approvals, and an easy, fluid user interface for the optimal customer experience. Loanpal is able to achieve this fast and simple end-to-end digital lending experience by leveraging propriety lending models and intelligent data sources.
Loanpal is based in San Francisco and has offices in Sacramento, Orange County, and Phoenix. For more information about Loanpal or to learn more about financing clean energy projects please visitwww.loanpal.com.
Co-founded by Hayes Barnard, Loanpal is a financial conduit that connects, financial institutions, partners, and homeowners for solar and energy efficiency projects. In alignment with its world positive mission. Loanpal has deployed $27 billion in loans over the past 15 years. Loanpal's fintech platform enables banks to deploy capital by connecting high-quality borrowers with various energy efficient solutions. The company's leadership is driven by the original founders, along with former SolarCity Executives who helped create the residential, commercial solar industry a decade ago. Loanpal is a proud partner ofGivePower, a 5013c corporation, whose mission is to build and deploy solar-powered clean water and energy systems to communities in need around the world. To learn more about Loanpal visitwww.loanpal.com, follow@loanpalon Twitter or connect onLinkedin.