Sunlight Financial gets final approval of $10 million backstop

By Sarah Lizee

Olympia, Wash., Nov. 30 – Sunlight Financial Holdings Inc. received final approval for a $10 million backstop facility as post-petition financing, according to an order from the U.S. Bankruptcy Court for the District of Delaware.

The approval is for a $10 million senior secured super-priority term loan facility.

Sunlight also has final approval to access cash collateral.

Cross River Bank will be the lender.

Cross River Bank was the lender on Sunlight’s prepetition term loans for $109.9 million. The bank also extended an additional advance of $4.4 million to allow for the start of the Chapter 11 cases on Oct. 30.

Sunlight Financial is a Charlotte, N.C.-based point-of-sale finance company that partners with contractors to provide homeowners with financing for the installation of residential solar systems and other home improvements. The company filed bankruptcy on Oct. 30 under Chapter 11 case number 23-11794.

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