Mosaic, a former crowdfunding start-up turned major provider of residential solar financing, has announced three new hires as the company positions itself for rapid growth.
Michael McDermitt has been appointed as chief credit officer (CCO), Eric Watson as executive vice president and general counsel, and Katya Baron as managing director of capital markets.
McDermitt enters the role of COO with more than 20 years’ experience in financial service; formerly assigning ratings to over US$75 billion of ABS transactions at Moody’s Investors Service. He also co-founded a speciality finance company providing term loans to small businesses, and previously spent almost 10 years as an investment banker, primarily at Smith Barney.
Watson, Mosaic’s newly-installed VP and general counsel, formerly served as deputy counsel at California-based mortgage loan company SoFi. Watson has also held various roles at Navient Corporation , whose operations include servicing and collecting on student loans. He also brings to the role more than 20 years of legal experience, having worked at Skadden, Arps, Slate Meagher and Flom LLP.
Baron previously served as the managing director of capital markets at diversified financial services company Aequitas Capital. She brings more than 15 years of financial service experience to Mosaic; having previously worked at Barclays Capital, JP Morgan, Sterne Agee and Gleacher.
“We are thrilled to welcome Michael, Eric and Katya to Mosaic as we enter our next phase of growth,” said Billy Parish, founder and CEO at Mosaic. “Each of our new hires is an expert in their respective fields and will play an important role as we prepare to reach our goal of originating $1 billion in solar loans by the end of the year. Every day, more homeowners are choosing to transition from fossil fuel based electricity and move toward going 100% clean energy at home.”
The Oakland-headquarted finance business's new executive board has the company poised for market expansion. Most recently, Mosaic secured US$200 million in funding from DZ and NY Green Bank to support at least 5,000 rooftop PV installations.