GreenSky had been originating roughly $7 billion in loans a year before it was acquired, although Goldman may choose to securitize some of the loans, depending on market conditions, Bhatia said.Thanks to a shortage of new construction homes and remote-work trends accelerated by the coronavirus pandemic, demand for home improvement loans has been robust, according to GreenSky founder David Zalik, who is joining Goldman at the partner level.
Customers typically come to GreenSky through the fintech's network of 10,000 merchants, which range from small businesses to some of the biggest U.S. home improvement brands. Users choose the length ofperiods that may vary from 36 to 84 months and can repay loans early"at any time," according to Zalik.
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