By: greenbank On: April 01, 2016 In: Comments: 0

Mosaic is a financial technology company which, utilizing a third party contractor network, provides homeowners with loans to finance the installation of solar systems on their homes. At the request of Guggenheim Partners, a global investment and advisory financial services firm, and in partnership with Germany’s DZ BANK, NYGB participated in a US$110.0 million senior secured credit facility in April 2016. Since the close of the original credit facility, Mosaic’s loan originations are occurring at a faster pace nationally than previously anticipated and, simultaneously, Mosaic and its network of developers are increasingly focused on NYS. Following the success of Mosaic’s loan product and the strong performance of the loans within the credit facility, Mosaic sought increased credit availability to satisfy demand for their loan product. Mosaic requested NYGB and private capital providers to participate in a US$130.0 million increase of the original facility, bringing the total size to US$240.0 million (the “Credit Facility”), with an additional US$40.0 million from NYGB and $90.0 million from BNP Paribas, a global bank and financial services company.

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