Solar Servicing, a full subsidiary of Forbright Bank, has completed the transaction to acquire the loan control of the financing platform Mosaic After it had submitted a bankruptcy of Chapter 11 in June.
Through the transaction, the maintenance activities of Mosaic are the switch to Solar Servicing. The company intends to continue the loan activities of Mosaic as usual.
“The deep bank of Forbright from Management Talent and the hard work of the new Mosaic team members enabled this complicated transaction to be carried out according to a high standard for all maintenance customers,” said John Delaney, executive chairman and founder of Forbright Bank.
According to the conditions of the transaction, the payment conditions and schedules of borrowers remain unchanged and there are plans to prevent disruptions. The different payment methods of Mosaic are active and borrowers can continue to make payments as they made before this announcement.
For loans that were partially financed from the bankruptcy application, a pipeline team has been hired to support system installers and loan owners in working on a resolution. Mosaic will complete the wind of his remaining assets.
“We are pleased to welcome new team members from mosaic, and we look forward to building solar services into a powerful engine for innovation and customer success,” said Don Cole, CEO of Forbright Bank. “By combining our deep expertise with new possibilities, we are convinced that the company will provide exceptional service and meaningful value to our customers and stakeholders.”
News item from Solar Servicing LLC
