Tom Myers, former Slipstream Business Development Director, has joined Concord Servicing as Vice President of Business Development. This move expands a six-year-long partnership with Concord encompassing funding, loan origination and loan servicing.
Previous partnership focus on regulated energy, solar, and home energy efficiency improvement sectors will now also include commercial solar, HVAC, and installation contractors to further aims in the for-profit arena across all income levels.
“Tom joining Concord will enable us to expand existing relationships we’ve built together, as well as help companies offering and installing HVAC, solar, and other energy efficiency-oriented products and services,” notes Concord President and CRO Shaun O’Neill.
As part of Slipstream, Myers found funding for low-to-moderate-income borrowers seeking home energy efficiency upgrades through state energy programs, leveraging public funds with private investment. Concord handles loan servicing—including loading new loans into the portfolio, accurately accruing interest and payments, and handling UCC filings where needed. In addition, Concord provides daily loan aggregation reports to stakeholders for current portfolio status and addresses collections issues from early-to-late stage delinquency.
Notes Myers, “Given the demand for energy efficiency-related lending at all income levels, our going-forward efforts will focus on finding programs and lenders with competitive interest rates and easy loan qualification, backed by Concord’s 12-year-long pioneering loan servicing expertise in the renewable energy arena starting with a pilot effort through The New York State Energy Research and Development Authority (NYSERDA) in 2010.”
Myers adds, “Our partnership model has paved the way to success in the state and utility energy program sector, and has proven an effective incentive for contractors to enlist consumers to install energy efficient systems and equipment with easy loan approval and low-interest loans.
Technology itself is helping drive rapid expansion of efforts both in regulated and market-driven programs. Myers says, “There are devices, technology, and programs far different than even a decade ago. When high-load demand in a sector gets too hot or cold, the grid can turn down temperatures. There’s new heating and cooling technology and geothermal. A decade ago, solar storage was hardly affordable. As we shift the grid from coal to picking up power in such other sources as hydrogen fuel cells, nuclear, and water, we are truly decarbonizing our world!”