Post on 16-Dec-2015
Figtree PACE Financing100% financing for solar, HVAC, roofing,, windows, lighting, and more
September 2014
No Money Down | Fixed Low Interest RatesEasy to Qualify | Long-term up to 20 Years
Our Company
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Figtree Financing
• Headquarters: San Diego, CA
• Founded: October 2010
• Key Achievements:
• First PACE financing in December 2011
• Statewide judicial validation for Figtree PACE program in July 2013
• What We Do
• A PACE financing provider
• Offer a full service PACE platform from application to funding
• Utilize exclusive legal infrastructure via CEDA to close PACE financings
• Perform assessment lien placement; verify project completion and manage funds disbursement
• Monitor and oversee ongoing assessment servicing
Our Company
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Figtree Financing
• Turn-key PACE solution: Commercial / Residential
• No cost: Turn-key solution doesn’t cost your city or
county anything
• No risk: Figtree offers full indemnification to cities and
counties
• Public benefit: 100% upfront financing makes going
green and saving money much easier for property owners
• Piece of Mind: Program utilizes industry best practices to
ensure consumer are protected
What we offer
Figtree’s Key Program PartnersA strong team of professional partners
Program Administrator and Originator
Figtree Company, Inc. (“Figtree”) is a San Diego based specialty finance company specializing in PACE financing and administration.
Issuing Agency California Enterprise Development Authority (“CEDA”) is a California joint powers authority established by the California Association for Local Economic Development. Figtree and CEDA have established an exclusive partnership to offer its PACE platform to municipalities across California.
Asset Servicer Willdan Financial Services (“Willdan”), a subsidiary of publicly traded Willdan Group, Inc. (NASDAQ: WLDN), has a proven, specialized assessment administration practice that has been forming and administering assessment districts for over 20 years
Issuer Counsel and Bond Counsel
Kutak Rock LLP
Securitization Counsel Kramer Levin Naftalis & Frankel, LLP
Corporate Counsel Stradling Yocca Carlson & Rauth, P.C.
Capital Markets Advisor KGS-Alpha Capital Markets, L.P.
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The Figtree PACE Program in California
The Figtree PACE Program in CaliforniaOne of the nation’s first private PACE programs
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• Leading Commercial PACE Program:
Multiple bond offerings / $60 Million in
committed capital
• Residential Launch in 2015: Already
authorized in more than 70 jurisdictions
• Rapid Program Adoption: 1 to 2 new
cities and counties join each week
The Figtree PACE Program in CaliforniaAdvantages for Local Governments
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• Easy to Join, No Cost
• Statewide Judicial Validation
• No Liability
• No Exclusivity
• Job Creation
• GHG Reduction
• Increased Accessibility
• Consumer Protection
The Figtree PACE Program in California
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PACE finances a wide range of energy efficiency and renewable energy measures
• Air Conditioning & Heating• Ventilation systems
• Furnaces and boilers
• Air conditioners and chillers
• Building Envelope• Cool roofing
• Insulation
• Windows and exterior doors
• ….and more
• Renewable Energy• Solar panels
• Fuel cells
• Geothermal
• Lighting• Fixture replacement
• Occupancy sensors
• Automated control systems
• Water Efficiency• Solar thermal water heaters
• Water reclamation
• Efficient plumbing fixtures
The Figtree PACE Program in CaliforniaAdvantages for Property Owners
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• No Money Down
• Fixed Financing Rates
• 4.6% to 6.65%
• Financing up to 20 years
• Own the System: Keep the Rebates
• Potential for Immediate Savings
• Not Based on Personal or Business Credit
The Figtree PACE Program in CaliforniaAdvantages for Property Owners
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The Figtree PACE Program in CaliforniaApplication Process
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The Figtree PACE Program in CaliforniaEligibility Criteria
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Residential Properties• Up to 10% of the value of the
property
• All existing private debt does not exceed 85% of the value of the property
• There are no involuntary liens, defaults or judgments on the property in excess of $1,000
• Property owner has not declared bankruptcy in the past seven years
• Property owner has remained current on their property tax and mortgage payments for the past three (3) years
• Property is not subject other restrictions
Commercial Properties• Property owner is current on
property taxes
• Property owner is current on private property debt and has not been delinquent in the past three years
• Property owner has not declared bankruptcy in the past five years
• Property is not listed as an asset in bankruptcy
• The lien-to-value ratio does not exceed one hundred percent (i.e. no negative equity)
The Figtree PACE Program in CaliforniaContractor Requirements
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Registration and Training
• We require contractors to have 3 years of experience (or provide 3 customer references),
• Must be a licensed contractor with the State
• Must maintain $1 million in general liability insurance and workers compensation insurance in order to participate in the PACE program
• As a Figtree Registered Contractor in our program contractors receive a comprehensive one-on-one training session to review how to utilize PACE
The Figtree Commercial OnDemandPACE™ Program
Figtree’s Commercial PACE Creates a “Win-Win” ResultBenefits to property owners
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• 100% financing (no upfront cash outlay)
• Low fixed rate, long term financing
• Immediate net operating savings
• Pass through assessments to triple net lease tenants
• No encumbrance of personal or business credit
• Assessment burden is assumed by next owner upon sale
Success Story: Figtree successfully negotiated lender acknowledgements
from regional banks like Premier Valley Bank and WestAmerica Bank as
well as national banks like Wells Fargo and US Bank.
What if I already have a PACE program?
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What if I already have a PACE program?Competition is good for consumers
• Not all PACE programs meet every property owners needs
• Interest rates and program terms will vary
• Competition will inevitably drive down rates and increase
customer service
• Non-exclusive PACE marketplaces have become a best practice
among municipalities
How do we get started?
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How do we get started?Adopting the Figtree PACE program
• Join the California Enterprise Development Authority (CEDA)
• Adopt a resolution authorizing CEDA to operate the program
• Execute the indemnification agreement
• We launch the program 90 days later
Contact Us
Erik Caldwell
Director of Government Partnershipsecaldwell@figtreefinancing.com
Figtree Financing
9915 Mira Mesa Blvd, Suite 130
San Diego, CA 92131
877.577.7373
www.figtreefinancing.com
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