Loanpal closes $474 million residential solar loan securitization

By Cady Vishniac

Detroit, Jan. 7 – Loanpal, LLC’s Loanpal Solar Loan 2021-1 Ltd./Loanpal Solar Loan 2021-1 LLC Thursday closed an approximately $474 million securitization of Loanpal solar loans previously purchased by Goldman Sachs Lending Partners LLC, Blackstone Credit, Davidson Kempner Capital Management LP, funds managed by CarVal Investors, Credigy and GoodFinch.

The securitization is composed of over $430 million of notes, of which $390 million are rated by Kroll Bond Rating Agency.

The class A notes, class B notes and class C notes are modeled to a weighted average life of approximately 5.44 years, 6.48 years and 6.95, respectively. The initial collateral pool backing the notes contains approximately $474 million of loans with an average FICO score of 742.

The securitization was sponsored by Goldman Sachs.

This transaction is the fourth securitization of loans generated on the Loanpal platform in 2020 and 2021. The aggregate value of securitizations in this period is $1.4 billion.

Loanpal is a Roseville, Calif., technology platform for the home improvement market.

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