$417 Million of GoodLeap Sustainable Home Improvement Loans Securitized
SAN FRANCISCO, July 2, 2021 /PRNewswire/ -- GoodLeap, LLC (formerly known as Loanpal, LLC), the nation's #1 point-of-sale platform for sustainable home solutions, today announced the closing of GoodLeap Sustainable Home Solutions Trust 2021-3, a securitization sponsored by Lime Residential, Ltd. (a Credit Suisse affiliate). The securitization is backed by approximately $417 million principal balance of residential solar and sustainable home improvement loans originated on the GoodLeap platform. The weighted average yield on the securitization was 2.37%, marking the lowest yield to date on GoodLeap securitized loans. Goldman Sachs & Co. LLC and Credit Suisse Securities (USA) LLC were joint bookrunners for the transaction.
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 13,000 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 works with credit unions, insurance companies, banks and asset managers and has provided more than $6.9 billion of solar loans and other home efficiency loans through its platform since December 2017, empowering over 200,000 families to take steps that reduce their carbon footprint.
"This is the first securitization of GoodLeap assets to include both residential solar and our new home improvement products, which demonstrates the value of assets across the broad sustainable home solutions market. In addition, the new record-low yield achieved with this securitization is a testament to the continued strong demand for high-performing assets that benefit our planet," said Tanguy Serra, GoodLeap's President and Chief Investment Officer.
This securitization, sponsored by Lime Residential, Ltd., consists of a total of $361 million notes rated by Kroll Bond Rating Agency. The notes are backed by $417 million principal balance of loans with a weighted average note rate of 3.12%. At the time of origination, the weighted average FICO® score of the loans was 741. All tranches of the securitization were well oversubscribed.
"We're pleased to leverage our in-depth expertise in renewable energy to sponsor this securitization, supporting GoodLeap and its loan purchasers and helping the company achieve a low cost of funding," said Spencer Hunsberger, Managing Director in Securitized Products Finance at Credit Suisse.
"This latest clean-energy securitization brings greater investor access to the sustainable investment market and we are looking forward to the continued success of this asset class as it reaches maturation," said Katrina Niehaus, Head of Corporate Structured Finance Investment Banking at Goldman Sachs
GoodLeap is the nation's number one point-of-sale platform for sustainable home solutions, delivering a digital-first experience that is simple, fast, and frictionless. GoodLeap's proprietary technology platform is actively used by more than 13,000 sales professionals and has enabled the deployment of over $6.5 billion in capital for sustainable home improvement products since 2018, empowering countless consumers to live a more sustainable lifestyle. GoodLeap is a proud partner of GivePower, a 501(c)(3) 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 GoodLeap, visit, follow and connect with us at goodleap.com.
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