Wunder provides a wide variety of debt capital for commercial solar projects of all sizes. Loans can generally be used for financing projects that range in size from 100kW-5MW, providing power to businesses, non-profits, municipalities, utilities, virtual net metered off-takers, and community solar developments. For more information about the types of projects that we are looking for see Project Eligibility.
Wunder loan terms can range from 5-15 years and have amortization schedules between 7 and 20 years. Mini-perm loans (e.g. 10 year loan on a 20 year amortization) have a required balloon payment at the end of the term. Borrowers typically plan on refinancing with Wunder or another lender at the end of their term in order to cover the required balloon payment. Customers who prefer for their loan to be fully paid off at the end of their term may request a fully amortized loan schedule. The downside of this option is that total offered amount is generally lower for loans with this structure.
Loan amounts generally fall between $100K and $3MM. The maximum loan amount available to a particular project depends on the project economics (expected cashflows of the system) and Wunder's history with the solar partner(s) involved.
All of Wunder's loans are non-recourse and backed solely by the solar system. As such, borrowers must be the legal owner of the solar system and have direct access to the cashflows produced from the system. With few exceptions, Wunder does not seek personal or corporate guarantees from it's borrowers.
Rates on Wunder loans generally fall between 7 and 9%, though final offers are highly dependent on the project itself.
90% of loan proceeds are generally released after substantial completion is reached. Depending on our history with the partner and the size of the project, this is demonstrated through a third party inspection report or evidence of a successful electrical inspection (i.e. "green tags"). As the partnership progresses, Wunder partners may be come eligible for additional milestone payments. See Milestone Payments for more information.
There are no fees assessed for submitting an application, for applying to work with Wunder, or at any stage in the process until after contracts are signed. A 2% origination fee will be drawn out of the loan proceeds at loan issuance and a small monthly maintenance fee will be assessed throughout the loan term. Most loans also have prepayment penalties that decrease annually throughout the life of the loan.