GoodLeap

Paramount Equity Mortgage, founded in 2003 by Hayes Barnard, Jason Walker and Matt Dawson.{{cite web|url=https://www.bizjournals.com/sacramento/news/2017/09/22/paramount-equity-mortgage-grows-by-staying-focused.html|title=Paramount Equity Mortgage grows by staying focused on core business|date=2017-09-22|website=The Business Journals Sacramento|access-date=2020-02-27}}{{cite web|url=https://www.americanbanker.com/news/california-lender-paramount-equity-pairs-with-infomercial-creator-guthy-renker|title=California Lender Paramount Equity Pairs with Infomercial Creator Guthy-Renker|date=2011-03-08|website=American Banker|access-date=2020-02-27}} The company was incorporated in California to provide residential mortgage loans. Although they launched in California's Sacramento Valley, the company lends nationwide.{{cite web|url=https://www.nmlsconsumeraccess.org/EntityDetails.aspx/COMPANY/30336|title=Loanpal, LLC|website=NMLS Consumer Access|access-date=2020-03-17}}

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|date=February 2022}}{{cn|date=February 2022}}

In 2009, the company established Paramount Solar as a subsidiary to focus on solar energy financing, responding to growing demand for renewable energy solutions. In 2013, Paramount Solar was sold to SolarCity (now Tesla Energy) in a transaction valued at approximately $120 million.{{cite web|url=https://www.forbes.com/sites/uciliawang/2013/08/13/solarcity-buys-paramount-solar-to-boost-homeowner-outreach/|title=SolarCity Buys Paramount Solar To Boost Homeowner Outreach|website=Forbes|access-date=2020-03-17}} In 2011, the company took on an equity investment from Guthy-Renker.{{Cite web|url=https://nationalmortgageprofessional.com/news/21327/infomercial-icon-guthy-renker-enter-mortgage-business|title=Infomercial Icon Guthy-Renker to Enter the Mortgage Business|date=2011-03-08|website=National Mortgage Professional Magazine|language=en|access-date=2020-03-25}}

In December 2017, Paramount began originating residential solar loans and later rebranded as Loanpal.{{cite web|url=https://asreport.americanbanker.com/news/teslas-solar-retreat-provides-opening-for-loanpals-return|title=Tesla's solar retreat provides opening for Loanpal's return|date=2019-03-07|website=Asset Securitization Report|language=en|access-date=2020-03-02}}

In 2019, Loanpal announced a partnership with PenFed Credit Union. In 2019, Loanpal was responsible for 30% of all new residential loans in the U.S.{{cite web|url=https://www.solarpowerworldonline.com/2019/12/penfed-credit-union-loanpal-residential-solar-financing/|title=PenFed Credit Union, Loanpal partner on residential solar financing options|date=2019-12-02|website=Solar Power World|access-date=2020-03-03}}{{cite web|url=https://www.bloomberg.com/news/articles/2019-11-07/ex-solarcity-execs-are-baking-solar-loans-into-home-mortgages|title=Ex-SolarCity Execs Are Baking Solar Loans Into Mortgages|website=Bloomberg|access-date=2020-03-03}}

In 2020, they launched their online platform.{{Cite web|url=https://www.solarpowerworldonline.com/2020/01/loanpal-secures-more-funding-residential-solar-loans/|title=Loanpal secures more funding for residential solar loans|date=2020-01-13|website=Solar Power World}}{{cite web |last1=Misbrener |first1=Kelsey |title=Loanpal secures more funding for residential solar loans |url=https://www.solarpowerworldonline.com/2020/01/loanpal-secures-more-funding-residential-solar-loans/ |website=Solar Power World |date=13 January 2020 |access-date=2020-04-23}}

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.{{Cite web|title=Goldman to Buy $320 Million of Loans From Solar Lender Loanpal|url=https://www.bloomberg.com/news/articles/2020-06-09/goldman-to-buy-320-million-of-loans-from-solar-lender-loanpal|access-date=2020-06-11|website=www.bloomberg.com}} By October 2020, the company had funded over $4.5 billion in solar loans{{Cite web|title=In a Year of Turmoil, Residential Solar Assets Are a Safe-Haven Investment|url=https://www.greentechmedia.com/articles/read/in-a-year-of-turmoil-residential-solar-assets-are-a-safe-haven-investment|access-date=2020-12-16|website=www.greentechmedia.com}} and closed a securitization of $434 million worth of Loanpal loans in November 2020{{Cite web|date=2020-11-30|title=Loanpal completes largest securitization of residential solar loans {{!}} Solar Builder|url=https://solarbuildermag.com/news/loanpal-completes-largest-securitization-of-residential-solar-loans/|access-date=2020-12-16|website=Solar Builder Magazine|language=en-US}} and was responsible for 41% of the solar loan market in the U.S. and was the top solar lender in the country.{{cite web |last=Levy |first=Ari |date=2021-01-27 |title=Exec who quit SolarCity now runs the leading lender for solar installations |url=https://www.cnbc.com/2021/01/27/hayes-barnard-turns-loanpal-into-billion-dollar-lender-after-solarcity.html |access-date=2021-01-29 |website=CNBC |language=en}}

In January 2021, Loanpal raised $800 million in a funding round led by New Enterprise Associates, West Cap Group, Brookfield Asset Management, and Riverstone Holdings.{{Cite web|title=Renewable investment wave continues as solar lending company Loanpal raises $800 million|url=https://techcrunch.com/2021/01/27/renewable-investment-wave-continues-as-solar-lending-company-loanpal-raises-800-million/|access-date=2021-02-03|website=TechCrunch|language=en-US}}{{Cite web|last=|first=|date=2021-01-27|title=Loanpal raises $800 million to grow home efficiency financing|url=https://www.bizjournals.com/sacramento/news/2021/01/27/loanpal-raises-800-million.html|access-date=2021-02-03|website=Sacramento Business Journal}} The company received an additional $800 million in funding from MSD Partners, BDT Capital Partners and Davidson Kempner in October 2021.{{Cite news|last=Wade|first=Will|date=13 October 2021|title=GoodLeap Gets $800 Million Funding for Sustainable Home Push|work=Bloomberg|url=https://www.bloomberg.com/news/articles/2021-10-13/goodleap-gets-800-million-funding-for-sustainable-home-push}} Between January and October 2021 the company had raised a total of over $1 billion in funding.{{Cite news|last1=Matt|first1=Wirz|last2=Driebusch|first2=Corrie|date=13 October 2021|title=Tech Moguls Back GoodLeap's Green Housing Push With $12 Billion Valuation|work=Wall Street Journal|url=https://www.wsj.com/articles/tech-moguls-back-goodleaps-green-housing-push-with-12-billion-valuation-11634126400}}

In June 2021, Loanpal rebranded to GoodLeap. The rebranding to GoodLeap reflected a broader mission to finance sustainable home solutions beyond solar, including energy-efficient windows, HVAC, and battery storage, aligning with environmental and affordability goals.{{Cite web |last=Eckhouse |first=Brian |date=June 2, 2021 |title=Solar financier Loanpal eyes Home Greening Market with new name |url=https://www.bloomberg.com/news/articles/2021-06-02/solar-financier-loanpal-eyes-home-greening-market-with-new-name?embedded-checkout=true |access-date=June 10, 2025 |website=Bloomberg}}

Hayes Barnard is currently the Chairman and CEO.{{cite web|url=https://www.businessinsider.com/reinventing-the-solar-business-according-to-solarcity-exec-2019-7|title=This former SolarCity exec is trying to reinvent 2 parts of the solar business|website=Business Insider|access-date=2020-03-25}}{{cite web|url=https://nationalmortgageprofessional.com/news/73117/penfed-credit-union-teams-loanpal-solar-installation-loans|title=PenFed Credit Union Teams With Loanpal on Solar Installation Loans|date=2019-12-02|website=NMP|access-date=2020-04-08}}

In December 2022, GoodLeap formed an advisory council made up of celebrities and business veterans, including Tony Gonzalez, Edward Norton, Shailene Woodley, and Jeff Immelt.{{Cite web |last=Boudreau |first=Catherine |date=December 28, 2022 |title=These Hollywood celebs and an NFL Hall of Famer want you to electrify your home to help solve the climate crisis |url=https://www.businessinsider.com/tony-gonzalez-shailene-woodley-goodleap-advisory-council-hayes-barnard-2022-12 |website=Business Insider}}

As of December 2023 John Shrewsberry, former CFO of Wells Fargo, is chief financial officer.{{Cite web |last=Jackson |first=Amber |date=2023-11-22 |title=Top 10 CFOs in the USA |url=https://fintechmagazine.com/top10/top-10-cfos-in-the-usa |access-date=2024-08-13 |website=fintechmagazine.com |language=en}}{{Cite web |last=Broughton |first=Kristin |date=June 4, 2024 |title=Wells Fargo Ex-CFO John Shrewsberry Readies GoodLeap for Next Growth Phase |url=https://www.wsj.com/articles/wells-fargo-ex-cfo-john-shrewsberry-readies-goodleap-for-next-growth-phase-c64b53bf |access-date=August 12, 2024 |website=Wall Street Journal}} And Daniel Lotano, former president of EverBright, as chief strategy officer.{{Cite web |date=2023-12-06 |title=People on the move: Omnidian, kWh Analytics, Kore Power and more |url=https://pv-magazine-usa.com/2023/12/06/people-on-the-move-omnidian-kwh-analytics-kore-power-and-more/ |access-date=2024-08-23 |website=pv magazine USA |language=en-US}}

The company offers consumers access to a variety of residential lending products including mortgages, solar financing and home improvement loans.{{cite web|url=https://www.greentechmedia.com/articles/read/loanpal-rockets-to-second-largest-solar-loan-provider-in-the-us|title=Loanpal Rockets to Second-Largest Solar Loan Provider in the US|date=2019-04-22|website=Green Tech Media}} As of 2023, the company has loaned more than $23 billion to over 380,000 households upgrading to sustainable power across 50 states. The default rate on their loans is less than 1%. The company is an approved seller-servicer of both government sponsored entities, Fannie Mae and Freddie Mac, and has raised over $2.25 billion in funding for its consumer finance loans.{{cite news |last1=Edgecliffe-Johnson |first1=Andrew |title=Fintech founder Hayes Barnard: half the organization thought 'this guy's out of his mind' |url=https://www.ft.com/content/1bb5ba07-96dc-45c3-837d-751f9321be8a |publisher=Financial Times |date=11 June 2023}}

As of 2024, dozens of litigation and arbitration cases are in process in which GoodLeap customers have alleged they were tricked into taking out onerous loans, were misled about the terms of the loans, or were signed up for a loan without their knowledge.{{cite news |last1=Semuels |first1=Alana |title=The Rooftop Solar Industry Could Be On the Verge of Collapse |url=https://time.com/6565415/rooftop-solar-industry-collapse/ |publisher=Time |date=25 January 2024}}

On March 8, 2024 the Minnesota Attorney General filed suit against GoodLeap and three other lending companies (Sunlight Financial, Solar Mosaic, and Dividend Solar Finance—a subsidiary of Fifth Third Bank), the lawsuit alleges the lenders violated Minnesota state laws against deceptive trade practices, deceptive lending, and illegally high rates of interest.{{cite web |url=https://www.ag.state.mn.us/Office/Communications/2024/docs/SolarLending_Complaint.pdf |title=Minnesota v. GoodLeap LLC, Sunlight Financial LLC, Solar Mosaic LLC, and Dividend Solar Finance LLC |author=Office of the Attorney General of Minnesota |date=5 April 2024 |access-date=27 May 2024 |publisher=US District Court for the District of Minnesota |url-status=live

|archive-url=https://web.archive.org/web/20240527081147/https://www.ag.state.mn.us/Office/Communications/2024/docs/SolarLending_Complaint.pdf

|archive-date=27 May 2024}}{{cite web |last=Weaver

|first=John Fitzgerald |url=https://pv-magazine-usa.com/2024/04/26/minnesota-sues-goodleap-sunlight-mosaic-and-dividend-over-dealer-fees/ |title=Minnesota sues GoodLeap, Sunlight, Mosaic and Dividend over dealer fees |publisher=PV Magazine |date=26 April 2024 |access-date=27 May 2024 |url-status=live

|archive-url=https://web.archive.org/web/20240430093355/https://pv-magazine-usa.com/2024/04/26/minnesota-sues-goodleap-sunlight-mosaic-and-dividend-over-dealer-fees/ |archive-date=30 April 2024}}

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Category:Mortgage lenders of the United States

Category:Financial services companies based in California

Category:Companies based in Roseville, California

Category:Financial services companies established in 2003

Category:2003 establishments in California

Category:Solar energy companies of the United States

Category:Solar energy in California