In December 2019, Dividend Finance LLC 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.
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â€śThe size of our portfolio sale affirms investor interest and comfort with residential solar,â€ť said Eric White, Dividendâ€™s CEO. â€śThe transaction also represents a significant step forward in the Companyâ€™s financial diversification strategy, complementing our established asset-backed securitization (ABS) and depository direct programs.â€ť
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 Companyâ€™s previously announced Citibank and Credit Suisse AG solar loan warehouse facilities. Noted Brendan Keane, SVP Capital Markets, â€śCollectively, 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.â€ť
Dividend currently operates in 41 states through its network of over 1,000 solar and home improvement partners. The Companyâ€™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.