Press Release From Orion First
SEATTLE, January 20, 2021 — Orion First, has begun servicing contracts for Paradigm Equipment Finance.
Based in Salt Lake City and led by President and CEO Tyler Deters, Paradigm is a nationwide lender providing asset-based financing programs requiring minimal credit criteria for businesses who struggle to find traditional financing. With a growing portfolio, Paradigm’s funding source required a more robust servicing program than they were structured to support in-house. “We needed a long-term partner which would allow us to scale while allowing our funding teams to remain quick and nimble.”, says Tyler Deters. “Orion came well referred and has a reputation for excellence throughout the industry.” “Outsourcing is a good long-term strategy, and a timely one,” says Quentin Cote, EVP of Orion. “Finance companies need to be adaptable and flexible to succeed. This year, our industry has seen lenders downsize their infrastructure investments and employee headcounts while the need to invest in customer experience, portfolio performance and portfolio insights continues to grow. Orion is an attractive option for lenders looking to build a scalable company that doesn't require the large, long-term capital investments in all three of those areas.” According to Deters, outsourcing their servicing will allow Paradigm to focus on the customer, make faster funding decisions, and scale to new levels while moving all of its human resources to focus on the origination side of the business. Priding itself on its straightforward terms and transparent approach, Paradigm specializes in lending to borrowers who may fall outside conventional parameters. Paradigm’s average transaction size is roughly $75,000, with a focus on construction equipment, titled trucks and trailers, manufacturing, and other heavy equipment. They originate primarily through a nationwide network of equipment brokers, generally lending to C & D credits, however, they have recently added products for customers with B credit.
ABOUT ORION FIRST A leader in commercial finance, Orion has been in the loan, lease and contract management space since 2001. Its suite of services includes commercial loan and lease servicing and collection, portfolio management technology with client portal, and backup servicing. By pairing effective technology with experienced professional staff, Orion positions itself as a savvy manager of risk, empowering clients to focus their entrepreneurial energy on their greatest value—funding small businesses. ABOUT PARADIGM EQUIPMENT FINANCE Paradigm Equipment Finance Inc. was founded in April 2011 with a mindset of helping small businesses with credit challenges obtain financing. It has proven itself within the industry as a reputable, honest, and professional direct lender focused on originating deals through a large broker network. Its program to secure financing has been set up to be simple and quick for the broker and client. Paradigm has established trust from their brokers and clients due to straightforward terms and a transparent approach to lending.