In December 2019, Dividend Finance Inc (“Dividend” or the “Company”) completed two significant transactions, including the sale of approximately $200 million of residential solar loans to a large institutional investor and the execution of a $100 million credit facility for its home improvement loans with Citibank, N.A. (“Citibank”) .
“The size of our portfolio sale affirms investor interest and comfort with residential solar,” said Eric White, Dividend’s CEO. “The transaction also represents a significant step forward in the Company’s financial diversification strategy, complementing our established asset-backed securitization (ABS) and depository direct programs.”
Further to its private facility with LL Funds and to support its growing home improvement lending business, Dividend also executed a $100 million committed credit facility with Citibank. These facilities are in addition to the Company’s previously announced Citibank and Credit Suisse AG solar loan warehouse facilities. Noted Brendan Keane, SVP Capital Markets, “Collectively, among our ABS, whole loan sale, warehouse funding and commercial PACE programs, the Company is proud to have crossed the $1 billion threshold in capital markets penetration.”
Dividend currently operates in 41 states through its network of over 1,000 solar and home improvement partners. The Company’s platform enables U.S. homeowners to access financing for solar energy and energy-efficient home improvements through a seamless and hassle-free customer experience.Read on BusinessWire