Colorado-based Wunder Capital recently launched its second financing product for commercial solar PV projects, Wunder Bridge Loans.
According to the company, Wunder Bridge Loans are designed for solar professionals in need of working capital for project-development activities and serve as a strong complement to Wunder’s long-term debt product, which was launched in mid-2015 and releases capital at the commercial operation date. The company says the loans are secured against the project itself, and a package will typically include 3- to 12-month terms with APRs between 10% and 15%.
“In order to meet the financing needs of the vast majority of U.S. businesses that do not have investment-grade credit, we developed solutions uniquely tailored to the small loan amounts, tight building schedules, and unrated credit typical of this market,” says Wunder Capital CEO Bryan Birsic. “For example, while traditional construction financing can be a useful tool, it often takes months to secure and many man hours of paperwork.”
Prior to a full-scale launch of the new Bridge Loan, Wunder rolled out a small pilot program that provided procurement financing for 15 projects in December. With the success of this pilot, Wunder is actively seeking engineering, procurement and construction and distributor partners to expand the program into new markets, with a particular focus on the U.S. Northeast.