SAN DIEGO, Sept. 19, 2012 /PRNewswire/ --?Abundant Power has contracted First Associates Loan Servicing, one of the country's fastest growing consumer loan and lease servicers, to manage a residential energy efficiency financing program for St. Louis County.
Early returns indicate that the partnership has outperformed forecasted delinquency and default threshold rates mandated by the local governmental body.
"We operate on the basis that new ideas and solutions are needed to bring private capital into the clean energy economy," said Dank Pinckney, Managing Director of Abundant Power. "Before agreeing to participate, St. Louis County wanted assurances that the loan portfolio would not only perform well and be serviced effectively. We needed a true partner that could do this, and found it in First Associates."
Abundant Power provides innovative, best in class, financial products and services to finance and implement energy efficiency and renewable projects and improvements across the nation. The company's four operating divisions serve critical needs of the clean energy ecosystem including growth equity, efficiency finance, solar finance and energy productive schools.
One of the company's existing programs is a residential energy efficiency financing initiative for St. Louis County. Abundant Power created the program with the County to provide homeowners with low interest loans to implement projects that substantially improve home efficiency and reduce monthly utility expense. Program funds are provided from a one-time issuance of Qualified Energy Conservation Bonds sponsored by the County the flow through to fund fixed interest loans of 3.5 percent to County residents. Most Program loans are originated through local marketing efforts and through local contractors and vendors. The Program also has a dedicated website at stlouiscountysaves.com where residents apply and are approved for Program loans.
"We believe, first and foremost, that we're in the people business.? We're working with Abundant Power to help individuals reduce their carbon footprint and build a solid financial future for themselves and their families," said David Johnson, CEO of First Associates Loan Servicing. "Abundant Power has put together a new and innovative program that exemplifies how effectively government and private enterprise can work together.? We're excited to be a part of it."
About First Associates Loan Servicing
First Associates is one of the nation's premier consumer loan servicing firms and comprised of a team of professionals with a world-class experience, first-rate knowledge and exceptional technology. First Associates provides best-in-class servicing for titled assets and unsecured loan portfolios with a staff that is committed to providing the highest level of service to borrowers while maximizing lender and investor returns. More information is available at www.1stassociates.com.
Contact: David Oates
Stalwart Communications
(858) 750-5560
david@stalwartcom.com
SOURCE First Associates Loan Servicing
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