GoodLeap, a provider of financing and software products for sustainable home energy upgrades, announced it has closed a $523 million securitization sponsored by Bank of America.
This is the fourth issuance backed solely by home improvement loans and is backed by $571 million in principal balance originated by GoodLeap. The securitization received ratings from Kroll Bond Rating Agency. Joint bookrunners included Goldman Sachs & Co. LLC, CIBC Capital Markets, and Citigroup.
GoodLeap originates loans for home improvements like solar, HVAC, roofing and more. By placing the loans into securitization, the loans are sold into a trust, which then packages them into interest-bearing securities that are sold to investors. The process removes loans from GoodLeap’s balance sheets and generates cash, enabling the company to accelerate its overall loan volume.
The company said sustainable home upgrades represent an estimated $450 billion annual market opportunity in the United States.
GoodLeap’s proprietary technology platform is accessed by sales professionals at the point-of-sale, creating an option for financial institutions to deploy their capital in ESG assets.
The company has led more than $32 billion in financing for sustainable solutions since 2018, helping over 1 million homeowners make energy upgrades, including solar panels, batteries, energy-efficient HVAC, heat pumps, roofing, windows, and more.
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