Goal Structured Solutions Sub-Servicing and Back-up Servicing Platform Support $105M Solar Securitization
May 3, 2018
Goal Structured Solutions, Inc., through a wholly owned subsidiary, will act as the Sub-Servicer and Back Up Servicer for the $105M residential solar loan securitization by Dividend Finance, LLC (Dividend), a leading specialty lender in the clean energy space. This marks Dividend’s second securitization and is the first “AA” rated solar backed security issued in the asset-backed market.
The transaction, Dividend Solar Loan Backed Notes, Series 2018-1, included four classes of notes backed by a pool of mostly prime quality residential consumer solar loans and underlying solar energy systems. Kroll Bond Rating Agency’s ratings on the notes ranged from “AA” to “BBB”, with over 85% of the notes receiving an “A” rating or higher.
The loan collateral in the transaction includes a portfolio of Dividend’s 20-year residential solar loans from its EmpowerLoan program. Effective March 1, 2018, Dividend integrated its EmpowerLoan servicing and collection duties to a subsidiary of Goal Structured Solutions, Inc. (GS2). Ryan Gray, Chief Financial Officer of GS2, stated
“As Dividend continues to deliver new and highly competitive financing solutions to consumers, we are pleased to build our relationship and support Dividend’s innovation in the clean energy finance space.”
GS2, through its subsidiary Turnstile Capital Management LLC, is responsible for collecting and processing borrower payments, managing delinquent accounts, processing charge offs and tracking UCC expirations. GS2, as backup servicer for the Dividend 2018-1 securitization, will confirm monthly servicer reports and assume the duties of replacement servicer in the event of a transfer of servicing responsibilities in the transaction.
“This transaction establishes the continued growth of the residential solar loan asset class and we view our partnership as an exciting opportunity to add value to our partners, like Dividend, and bring proven servicing expertise to the emerging solar marketplace” stated Matt Myers, Chief Operating Officer.
“Dividend is excited to have issued its second solar loan securitization, continuing our commitment to the residential energy finance sector. Partnering with GS2 and utilizing its innovative servicing platform were instrumental in the execution of this transaction,” said Brendan Keane, Dividend’s SVP of Capital Markets.
About Dividend Finance
Dividend is a leading national provider of renewable energy and energy-efficiency financing solutions for property owners through a suite of residential solar, home improvement and PACE financing products. The Company pioneered the residential solar financing landscape in 2014 with the launch of its EmpowerLoan™ product for financing residential solar installations and continues to expand its product offerings into the home-energy market. In addition to its industry-leading suite of financial products, Dividend has developed a comprehensive technology platform for installation partners and homeowners to streamline the financing process and manage financed project fulfillment. Learn more by visiting www.dividendfinance.com.
About Goal Structured Solutions
GS2 has been a market leader and innovator in the management and administration of consumer assets since 2001 and currently manages over $27B in solar and other consumer loans. The company is focused on leveraging data, compliance and experience to improve portfolio performance. As a consumer finance and asset management company GS2 provides master servicing, trust administration, loan originations, and capital markets advisory services.
This press release is not an offer to sell, nor a solicitation of an offer to buy, any securities, nor shall there be any sale of these securities in any state or jurisdiction in which the offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.
About Credit Ratings
Credit ratings are opinions of the relevant rating agency. They are not facts and are not opinions of Goal Structured Solutions, Inc. or its subsidiaries or affiliates. They are not recommendations to purchase, sell or hold any securities and can be changed or withdrawn at any time.