Spruce Finance Completes Sale of $250 Million Energy Efficiency and Solar Loan Portfolio
“We’re pleased about institutional investors’ growing confidence in the lending market for renewable and energy efficient home technologies. These loans, with terms of 7 to 20 years, allow for financing that better matches the useful life of the asset, creating much better value for the consumer. The capital unlocked from this transaction, combined with incremental capital recently provided by a global investment firm, will support the future growth of our business,” said Steve Olszewski, Spruce’s chief operating officer.
The company expects the sale to serve as a foundation for future loan flow sales transactions.
About Spruce™
Spruce provides homeowners with multiple ways to finance residential energy efficiency improvements and solar systems. This helps people reduce their utility bills and improve their homes and communities. We make our finance products available on a single software platform and sell them through a national network of verified channel partners. Our platform simplifies the sales experience for our channel partners and helps them sustainably grow their businesses. A private company headquartered in San Francisco, we operate in all 50 states and Washington, DC. We have raised more than $2B in project finance and currently serve nearly 70,000 homeowners. To learn more about the company, visit www.sprucefinance.com.
ContactsSpruce
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Iris Chan
Director of Marketing
[email protected]
SAN FRANCISCO–(BUSINESS WIRE)–Spruce Finance, a provider of consumer financing for residential energy
efficiency and solar technology, has completed a whole loan sale of
$250M of its efficiency and solar loan portfolio to a large North
American bank with expertise in consumer loan assets. This marks the
second major sale of loan assets for the company.
“We’re pleased about institutional investors’ growing confidence in the
lending market for renewable and energy efficient home technologies.
These loans, with terms of 7 to 20 years, allow for financing that
better matches the useful life of the asset, creating much better value
for the consumer. The capital unlocked from this transaction, combined
with incremental capital recently provided by a global investment firm,
will support the future growth of our business,” said Steve Olszewski,
Spruce’s chief operating officer.
The company expects the sale to serve as a foundation for future loan
flow sales transactions.
About Spruce™
Spruce provides homeowners with multiple ways to finance residential
energy efficiency improvements and solar systems. This helps people
reduce their utility bills and improve their homes and communities. We
make our finance products available on a single software platform and
sell them through a national network of verified channel partners. Our
platform simplifies the sales experience for our channel partners and
helps them sustainably grow their businesses. A private company
headquartered in San Francisco, we operate in all 50 states and
Washington, DC. We have raised more than $2B in project finance and
currently serve nearly 70,000 homeowners. To learn more about the
company, visit www.sprucefinance.com.
Contacts
Spruce
Iris Chan
Director of Marketing
[email protected]
