Credit Suisse Securitizes $358.9 million of GoodLeap Sustainable Home Improvement Loans
Lime Residential, Ltd. (a Credit Suisse affiliate) led the residential solar and home efficiency securitization which, for the first time, was rated by three rating agencies
SAN FRANCISCO, Nov. 18, 2021 /PRNewswire/ -- GoodLeap, America's leading digital marketplace for sustainable solutions, today announced the closing of GoodLeap Sustainable Home Solutions Trust 2021-5, an asset-backed securities ("ABS") transaction sponsored by Lime Residential, Ltd. (a Credit Suisse affiliate). The securitization is backed by approximately $358.9 million of residential solar and home efficiency loans originated on the GoodLeap platform. In a first for the residential solar and home efficiency ABS markets, the securitization was rated by three rating agencies: S&P Global Ratings, Fitch Ratings and Kroll Bond Rating Agency, with this marking the inaugural rating from Fitch Ratings in this asset class. Credit Suisse Securities (USA) LLC and Goldman Sachs & Co. LLC were joint bookrunners on the transaction.
"Technology innovation has unlocked access to a wide variety of sustainable home solutions. A key to addressing climate change is to ensure there is enough capital available to accelerate the adoption of these technologies," said Tanguy Serra, GoodLeap's President and Chief Investment Officer. "With ratings from major agencies Fitch and S&P, this latest securitization will play a role in facilitating the $10 trillion of investment needed to achieve net zero emissions in the United States."
Sustainable home upgrades represent an estimated $430 billion annual market opportunity in the United States. GoodLeap leverages its deep expertise in technology and data to make these sustainable home upgrades more accessible for homeowners who are looking to have a positive impact on the planet. GoodLeap's proprietary technology platform is accessed by more than 18,000 sales professionals at the point-of-sale, creating an efficient option for financial institutions to deploy their capital in high-performing environmental, social and governance (ESG) assets. GoodLeap has deployed more than $9 billion of solar loans and other home efficiency loans through its platform since 2018.
There have been eleven securitizations of loans originated on the GoodLeap platform totaling $3.8 billion, with over half of the securitized volume happening in 2021 alone.
"We are pleased to sponsor another successful securitization of GoodLeap. This transaction will help the company in achieving a low cost of funding and continues our track record of developing the institutional capital markets for renewable energy and efficiency assets, in line with Credit Suisse's commitment to support sustainability," said Spencer Hunsberger, Managing Director in Securitized Products Finance at Credit Suisse.
This securitization, sponsored by Lime Residential, Ltd., consists of a total of $302.4 million of notes rated by Fitch Ratings, S&P Global Ratings and Kroll Bond Rating Agency. The notes are backed by $358.9 million of principal balance of loans with a weighted average note rate of 2.43%. At the time of origination, the weighted average FICO® score of the loans was 740. All tranches of the transaction were multiple times oversubscribed.
About GoodLeapGoodLeap is America's leading digital marketplace for sustainable solutions, delivering a technology-driven financing experience that is simple, fast, and frictionless. The company's proprietary point-of-sale platform is actively used by more than 18,000 home improvement professionals, creating an efficient channel for financial institutions to deploy capital in high-performing ESG assets. GoodLeap has mobilized over $11 billion financing for sustainable upgrades since 2018, empowering countless consumers to live a more sustainable lifestyle. GoodLeap is a proud partner of GivePower, an international nonprofit organization committed to deploying solar-powered clean water and clean energy systems to communities in need around the world. To learn more about GoodLeap, visit, follow and connect with us at goodleap.com.
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