Service 1st Financial Secures Credit Facility from Sustainability Focused Lender, Forbright Bank
Service 1st Financial, LLC (“Service 1st” or the “Company”) announced today that Forbright Bank (“Forbright”) has provided a senior debt facility to support continued growth of the Company’s Premier Program®. The Premier Program is a worry-free service for homeowners to replace and upgrade their heating, cooling, plumbing, and back-up power systems for a low monthly payment, while eliminating the common pain points associated with owning, maintaining, and repairing such systems. The Premier Program is transforming the way home comfort is purchased in the United States.
“As the cost of home comfort systems continues to skyrocket, industry stakeholders must find ways to make high efficiency home comfort solutions more accessible,” said Tom Towe, VP of Business Development at Service 1st. “Technological innovation is critical, but we must also consider innovative business models that facilitate widespread adoption of high efficiency technologies. The Premier Program does just that by providing use of the most advanced home comfort systems without the upfront cost or traditional burdens of ownership. Solving these common consumer pain points encourages more sustainable home comfort purchasing decisions and will help the industry achieve its ambitious sustainability goals.”
Adam Weber, SVP of Accounting & Finance at Service 1st, stated “We are grateful for Forbright’s trust and support. They demonstrated a keen understanding of both the financial and environmental opportunity presented by our Premier Program. We look forward to working together to accelerate the clean energy transition in the residential home comfort space.”
“We are excited to help Service 1st realize its goals, in direct support of our own mission,” said Chris Erb, Managing Director of Lender Finance at Forbright. “Forbright takes great pride in its role as a financial partner to a wide variety of businesses who provide goods and services that support a clean energy economy. Since its official launch in 2020, the Premier Program has quickly gained recognition as an innovator from some of the industry’s most respected players.”
Based in Bethesda, Maryland, Service 1st Financial is a leading financial technology, innovation, and training company serving residential home service contractors in the United States. Our Premier Program is offered through independent contractors on a full portfolio of home comfort products, including HVAC systems, IAQ products, tank and tankless water heaters, water purification systems, and standby generators. Service 1st is the only independent, unconflicted provider of comprehensive worry-free home comfort programs in the industry. Learn more at: www.worryfreehomecomfort.com.
Tom Towe, VP of Business Development, Service 1st Financial
[email protected] , 240.800.7568
Forbright Bank is a full-service bank, commercial lender, and asset manager headquartered in Chevy Chase, Maryland, that is committed to accelerating the transition to a sustainable, clean energy economy by financing the companies, investors, and innovators driving that change. With approximately $8 billion of owned and managed assets, the Bank provides lending, banking and asset management services to clients across the United States. Its business banking group provides nationwide lending products, including asset-based loans, working capital, warehouse lines of credit, term loans, real estate loans and forward loan purchase agreements to entrepreneurs, growing middle market companies, and sophisticated investors and operators in FinTech, clean tech, healthcare, financial services, technology, real estate, renewable energy and other industries where a trusted and highly responsive lender is needed. Learn more at: www.forbrightbank.com.