Solar Servicing LLC, a Subsidiary of Forbright Bank, Will Continue Servicing Existing Loan Portfolio as Usual for Borrowers

CHEVY CHASE, Md.--(BUSINESS WIRE)--

Solar Servicing LLC (“Solar Servicing” or the “Company”), a wholly owned subsidiary of Forbright Bank, today announced that it has completed its transaction to acquire the loan servicing operations of Solar Mosaic LLC (“Mosaic”), following the completion of Mosaic’s court-approved Chapter 11 Plan of Reorganization.

Through the transaction, Mosaic’s loan servicing operations have successfully transitioned to Solar Servicing, and the Company plans to continue Mosaic’s loan servicing operations as usual, ensuring borrowers can continue to pay their loans as planned and that collections will be remitted to loan owners.

"Forbright's deep bench of management talent and the hard work of the new team members from Mosaic enabled this complicated transaction to be executed to a high standard for the benefit of all servicing clients," said John Delaney, Executive Chairman and Founder of Forbright Bank.

“We are thrilled to welcome new team members from Mosaic, and we look forward to building Solar Servicing into a powerful driver of innovation and customer success," said Don Cole, Chief Executive Officer of Forbright Bank. "By combining our deep expertise with new capabilities, we are confident the business will deliver exceptional service and meaningful value to our customers and stakeholders.”

Under the terms of the transaction, borrowers' payment terms and schedules remain unchanged and there are plans in place to avoid disruptions in service. Mosaic’s various payment methods are active, and borrowers can continue to make payments as they have done prior to this announcement. For loans that were partially funded as of the bankruptcy filing, a dedicated pipeline team has been hired to support system installers and loan owners as they work towards a resolution. Mosaic will complete the wind down of its remaining assets.

Advisors

Paul Hastings LLP served as legal counsel, BRG served as chief restructuring officer, Jefferies served as the investment banker, and C Street Advisory Group served as strategic communications advisor to Mosaic. Blank Rome LLP served as legal counsel and Huron Consulting Group served as financial advisor to Forbright Bank.

About Forbright Bank

Forbright is an FDIC-insured bank and commercial lender focused on helping to build a brighter future. Forbright is committed to exceptional client service by providing seamless, innovative personal banking services to depositors and creative financing solutions to middle market businesses and investors in healthcare, technology, financial services, real estate, and other industries. Solar Servicing LLC is a wholly owned subsidiary of Forbright Bank.

About Mosaic

Mosaic is an industry-leading fintech platform for sustainable home improvements. Founded in 2010, Mosaic is a pioneer in clean energy lending providing innovative solutions for financing solar, battery storage, and more. Mosaic has funded $15 billion in loans to date, helping more than 500,000 households make their homes more sustainable and efficient.

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Source: Solar Servicing