GoodLeap

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GoodLeap
Formerly
  • Paramount Equity
    (2003–2017)
  • Loanpal (2017–2021)
TypePrivate
IndustryFinance and Mortgage
Founded2003; 21 years ago (2003)
Founders
HeadquartersRoseville, California, U.S.
Key people
Hayes Barnard
(Chairman and CEO)
Tanguy Serra
(President, CFO and CIO)
Services
  • Residential solar and battery storage loans
  • FHA insured loan
  • Conventional loans
  • Refinance and home purchase loans
  • VA loans
RevenueUS$361 million (2020)[1]
Number of employees
1,300
Websitegoodleap.com

GoodLeap, formerly Loanpal,[2] is a finance technology company that provides financing options for the residential solar energy industry. The company was founded in 2003 as Paramount Equity and was later rebranded to Loanpal. In June 2021, the company rebranded to GoodLeap.[2] As of 2020, the company was responsible for 41% of the solar loan market in the U.S. and is the top solar lender in the country.[3]

The company employs about 1,300 people.[4] It has locations in Roseville, San Francisco, Irvine, California, Phoenix, Kansas City, and Bentonville, Arkansas.

History

GoodLeap started as Paramount Equity Mortgage, founded in 2003 by Hayes Barnard, Jason Walker and Matt Dawson.[5][6] The company was incorporated in California to provide residential mortgage loans.[7] Although they launched in California's Sacramento Valley, the company quickly started branching out to other states and is now lending nationwide.[8]

In 2006, the founders launched an insurance company focused on auto and home insurance. After over ten years offering insurance services, the company sold its insurance company to Brown and Brown.[year needed][citation needed]

In 2009, the founders saw another opportunity to enter the quickly emerging residential solar market and Paramount Solar was established.[7] After building an efficient residential solar sales and marketing platform, the company was approached in 2013 by SolarCity (now Tesla Energy) and Paramount Solar was sold in a transaction valued at approximately $120 million.[9] In 2011, the company took on an equity investment from Guthy-Renker, the nation's largest direct-to-consumer marketing company.[10]

In December 2017, Paramount began originating residential solar loans and later rebranded as Loanpal.[7]

In 2019, Loanpal announced a partnership with PenFed Credit Union.[11] The companies use Loanpal’s technology platform to make clean energy products more accessible to homeowners.[11] Under the partnership, PenFed uses Loanpal’s platform to deploy capital, while Loanpal manages the lending experience, including installer management, origination, funding, and servicing.[12] As of 2019, Loanpal is responsible for 30% of all new residential loans in the U.S. and is the top solar lender in the country.[11][13]

In 2020, the team launched its online platform for financing additional energy-efficient home improvement products including battery storage, roofing, windows, landscaping and turf, LED lighting, water efficiency, and HVAC systems.[14][15]

In June 2020, Goldman Sachs securitized $459 million worth of Loanpal loans they had previously purchased and expanded their warehouse facility to $300 million with Loanpal. Goldman Sachs also committed to buying $320 million in loans from Loanpal.[16] By October 2020, the company had funded over $4.5 billion in solar loans[17] and closed a securitization of $434 million worth of Loanpal loans in November 2020.[18]

In January 2021, GoodLeap raised $800 million in a funding round led by New Enterprise Associates, West Cap Group, Brookfield Asset Management, and Riverstone Holdings.[19][20] The company received an additional $800 million in funding from MSD Partners, BDT Capital Partners and Davidson Kempner in October 2021.[21] Between January and October 2021 the company had raised a total of over $1 billion in funding.[22]

In June 2021, Loanpal rebranded to GoodLeap and began supporting additional sustainable home-improvement products.[2]

Leadership

Hayes Barnard is currently the Chairman and CEO.[23][12] Tanguy Serra, the former president of SolarCity, is the company's President, Chief Financial Officer, and Chief Investment Officer.[13]

Ownership structure

GoodLeap, formerly Loanpal, is a finance technology company headquartered in San Francisco.[24] The company offers consumers access to a variety of residential lending products including mortgages, solar financing and home improvement loans.[25] The company has loaned more than $18 billion to over 600,000 households upgrading to sustainable power across 50 states.[26][27] The company is an approved seller-service of both government sponsored entities, Fannie Mae and Freddie Mac, and has raised over $1.6 billion in funding for its consumer finance loans.[28][29]

GoodLeap offers homeowners the option of bundling their solar loans into conventional mortgages.[13] This allows customers to spread payments out over decades and lowers costs.[13] Bundled loans are written in two steps: first, solar panel installers present GoodLeap as a financing option. Then, once the solar project finance deal is complete, homeowners are given the option to tuck the loan into an overall refinancing of their mortgage.[25] The solar loans are funded through warehouse lines with Goldman Sachs Group Inc. and Western Alliance Bancorp, and mortgages are sold to Fannie Mae, Freddie Mac and others.[13] The company also contributes to GivePower based on the number of loans sold.[30]

Awards and honors

In 2017, the company was chosen as the Best Places to Work by the Sacramento Business Journal.[31] The journal also gave the company an "A+ Employee Choice Award" in 2006, 2007, 2009 and 2010.[32]

In 2020, the company was selected as one of Inc.’s Best Workplaces.[33]

In 2022, GoodLeap was named #2 on Fast Company’s list of the Most Innovative Finance Companies,[34] and ranked #30 on Fast Company's list of the Most Innovative Companies in the World.[35]

In 2022, GoodLeap ranked #10 on the Forbes Fintech top 50 list.[36]


References

  1. ^ "GoodLeap Overview". bizjournals.com. 2021.
  2. ^ a b c "Solar Financier Loanpal Eyes Home-Greening Market With New Name". www.bloomberg.com. Retrieved 2021-06-03.{{cite web}}: CS1 maint: url-status (link)
  3. ^ Levy, Ari (2021-01-27). "Exec who quit SolarCity now runs the leading lender for solar installations". CNBC. Retrieved 2021-01-29.
  4. ^ "Life at GoodLeap". GoodLeap.com.
  5. ^ "Paramount Equity Mortgage grows by staying focused on core business". The Business Journals Sacramento. 2017-09-22. Retrieved 2020-02-27.
  6. ^ "California Lender Paramount Equity Pairs with Infomercial Creator Guthy-Renker". American Banker. 2011-03-08. Retrieved 2020-02-27.
  7. ^ a b c "Tesla's solar retreat provides opening for Loanpal's return". Asset Securitization Report. 2019-03-07. Retrieved 2020-03-02.
  8. ^ "Loanpal, LLC". NMLS Consumer Access. Retrieved 2020-03-17.
  9. ^ "SolarCity Buys Paramount Solar To Boost Homeowner Outreach". Forbes. Retrieved 2020-03-17.
  10. ^ "Infomercial Icon Guthy-Renker to Enter the Mortgage Business". National Mortgage Professional Magazine. 2011-03-08. Retrieved 2020-03-25.
  11. ^ a b c "PenFed Credit Union, Loanpal partner on residential solar financing options". Solar Power World. 2019-12-02. Retrieved 2020-03-03.
  12. ^ a b "PenFed Credit Union Teams With Loanpal on Solar Installation Loans". NMP. 2019-12-02. Retrieved 2020-04-08.
  13. ^ a b c d e "Ex-SolarCity Execs Are Baking Solar Loans Into Mortgages". Bloomberg. Retrieved 2020-03-03.
  14. ^ "Loanpal secures more funding for residential solar loans". Solar Power World. 2020-01-13.
  15. ^ Misbrener, Kelsey (13 January 2020). "Loanpal secures more funding for residential solar loans". Solar Power World. Retrieved 2020-04-23.
  16. ^ "Goldman to Buy $320 Million of Loans From Solar Lender Loanpal". www.bloomberg.com. Retrieved 2020-06-11.
  17. ^ "In a Year of Turmoil, Residential Solar Assets Are a Safe-Haven Investment". www.greentechmedia.com. Retrieved 2020-12-16.
  18. ^ "Loanpal completes largest securitization of residential solar loans | Solar Builder". Solar Builder Magazine. 2020-11-30. Retrieved 2020-12-16.
  19. ^ "Renewable investment wave continues as solar lending company Loanpal raises $800 million". TechCrunch. Retrieved 2021-02-03.
  20. ^ "Loanpal raises $800 million to grow home efficiency financing". Sacramento Business Journal. 2021-01-27. Retrieved 2021-02-03.{{cite web}}: CS1 maint: url-status (link)
  21. ^ Wade, Will (13 October 2021). "GoodLeap Gets $800 Million Funding for Sustainable Home Push". Bloomberg.
  22. ^ Matt, Wirz; Driebusch, Corrie (13 October 2021). "Tech Moguls Back GoodLeap's Green Housing Push With $12 Billion Valuation". Wall Street Journal.
  23. ^ "This former SolarCity exec is trying to reinvent 2 parts of the solar business". Business Insider. Retrieved 2020-03-25.
  24. ^ "The 3 main trends driving the imminent solar energy revolution". Inverse. 2019-05-04. Retrieved 2020-03-31.
  25. ^ a b "Loanpal Rockets to Second-Largest Solar Loan Provider in the US". Green Tech Media. 2019-04-22.
  26. ^ "GoodLeap". Forbes. 7 June 2022.
  27. ^ Pyper, Julia (22 April 2019). "Loanpal Rockets to Second-Largest Solar Loan Provider in the US". greentechmedia.com.
  28. ^ "GoodLeap". Forbes. 7 June 2022.
  29. ^ "Loanpal secures more funding for residential solar loans". Solar Power World. 2020-01-13. Retrieved 2020-03-25.
  30. ^ "This Loanpal Direct Pay Program for solar installers eases the burden of equipment financing". Solar Builder Mag. 27 April 2020. Retrieved 2020-05-11.
  31. ^ "Best Places to Work 2017". Sacramento Business Journal. 2017-10-20. Retrieved 2020-05-28.
  32. ^ "Home".
  33. ^ "Loanpal". Inc. Retrieved 2020-05-28.
  34. ^ Harris, Ainsley (8 March 2022). "The 10 most innovative finance companies of 2022". Fast Company.
  35. ^ "The World's Most Innovative Companies of 2022". Fast Company. 2022.
  36. ^ Contreras, Isabel (7 June 2022). "The 10 Biggest Fintech Companies In America 2022". Forbes.
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