Orion First to provide servicing to Conserv Capital
SEATTLE—Orion First has begun servicing contracts for Conserv Capital.
Nashville-based Conserv established itself in 2015 as a premier lender to contractors and haulers for heavy equipment in the Southeast. Today, it has more than 1,500 pieces of equipment with over 750 customers in 30 states. The company is shifting away from servicing its contracts in-house using a major industry-leading software solution in favor of a third-party servicing partnership with Orion.
“I could go into how they reduce costs, increase productivity, and enable expansion, and that would all be true,” says Trey Miller, COO of Conserv. “But at the end of the day, we went with Orion because they are great people who are great at what they do.”
Orion is a leader in commercial finance and has been instrumental in helping growing lenders make the switch from in-house to third-party servicing operations in order to scale while saving back-office costs, offering better customer experiences and deeper business analytics.
Miller was strategic. “When I was first approached about using a third-party servicing partner, I thought my colleagues had gone mad. I understood the advantages that came along with it, but we were talking about one of the few things companies in our space can control: the customer experience. After getting to know the team at Orion, I realized we would be doing our customers a disservice by not giving them the Orion experience.”
“We’re thrilled to have Conserv as a partner,” says Orion President Quentin Cote. “The servicing landscape is evolving and increasingly demanding. Because Orion is focused on investing in the borrower experience and data analytics, Conserv can focus its investments on building the best portfolio possible.”
ABOUT ORION FIRST:
Orion First, founded in 2001, is a full-service commercial loan and lease portfolio servicer which provides a suite of services and products to manage the complete life cycle of a borrower. Orion's product suite includes commercial loan and lease servicing and collection, portfolio management technology with client portal, data management, business analytics, and backup servicing. By delivering better technology, professional expertise, and deep experience, Orion empowers clients to focus their entrepreneurial energy on their greatest value—funding small businesses.
ABOUT CONSERV CAPITAL:
Conserv Capital is an independently owned, direct capital source focused on the construction and transportation industries across the United States. Originally designed for borrowers that did not qualify for traditional captive or bank financing, Conserv now offers competitive rates for all credit profiles. The business was started in 2015 and, to date, has provided financing on over $250mm of essential equipment.
Jaimie Haver joins Orion First as new SVP, Director of Contract Operations
Orion First has named Jaimie Haver, CLFP its new Senior Vice President and Director of Contract Operations. A veteran of the field, Haver has been responsible for building back offices for scaling companies, including banks and independent lessors.
“We are very excited to have Jaimie joining the team here at Orion,” says President Quentin Cote. “She brings a strong operational process focus and an ability to build strong and trusted relationships with her industry peers. It’s a rare combination of skills. It blends perfectly with Orion’s culture.”
Haver will be filling the role left by Jenny Dubinsky, CPA, CLFP, who has stepped down to pursue other career goals, leaving behind a contract operations department that is stronger and more robust than ever. In a role that depends on both relationship-building, leadership, and process discipline, Haver embodies all three. “She’ll help strengthen our focus on providing a meaningful partnership with each of our clients,” says Cote.
In previous roles, Haver inspired colleagues with her passion for the industry, enthusiasm for impeccable service, consistency, compliance, and decisiveness. Her open communication and leadership style enables her to improve team performance and to course-correct quickly when necessary. As a leader in equipment finance, Orion is deeply invested in the improvement and advocacy of the industry. Haver shares this commitment, according to the Monitor Daily, “believing it is essential for equipment finance businesses to self-police and enforce better practices.”
Haver serves as a Member of the Equipment Finance Cares Advisory Council and is chair of the fundraising committee. She has also served on both the ELFA Women’s Council, the subcommittee for the ELFA Women in Leadership Mentoring Program, and was a long-time board member of Beyond Blindness, formerly known as Blind Children’s Learning Center in Tustin, California.
“We are thrilled to have Jaimie on the team,” says Dave Schaefer, Orion’s CEO. “It’s rare to find someone of Jaimie’s caliber who also knows our company as well as many of our clients. She’ll be able to hit the ground running and help Orion get to the next level.”
ABOUT ORION FIRST:
Orion First, founded in 2001, is a full-service commercial loan and lease portfolio servicer which provides a suite of services and products to manage the complete life cycle of a borrower. Orion’s product suite includes commercial loan and lease servicing and collection, portfolio management technology with client portal, data management, business analytics, and backup servicing. By delivering better technology, professional expertise, and deep experience, Orion empowers clients to focus their entrepreneurial energy on their greatest value—funding small businesses.
Orion First to provide servicing to Universal Finance Corp
SEATTLE—Orion First has begun servicing contracts for Universal Finance Corp.
Massachusetts-based Universal Finance has over the last forty years established itself as a premier lender to the construction industry. The company now serves clients in a wide range of other industries, including transportation, restaurants, and medical equipment suppliers. As it’s grown from a regional to a national business, Universal has wanted to expand product lines and operate more efficiently. Limitations of its current systems had restricted them, however.
“Outsourcing our servicing enables us to focus on sales and credit underwriting,” says Dan Robinson, a partner at Universal, “which is what we do best.”
Robinson led the search for a servicing partner. “Orion was clearly the top choice. No one else has the kind of performance and savvy that Orion does. They outperform everyone else, and they have two rare commodities: broad knowledge and deep history.”
“Like us, they’re really all about helping small businesses succeed.” says Orion EVP Quentin Cote. “It’s exciting to see them building a world-class organization.” Cote believes it’s natural for growing finance companies to seek servicing partners. “Visionary leaders recognize that originations and credit are key differentiators, while the back office can often be a drag on success. Partnering with Orion ensures world-class performance, insight, and borrower experience.”
ABOUT ORION FIRST:
Orion First, founded in 2001, is a full-service commercial loan and lease portfolio servicer which provides a suite of services and products to manage the complete life cycle of a borrower. Orion's product suite includes commercial loan and lease servicing and collection, portfolio management technology with client portal, data management, business analytics, and backup servicing. As a key partner to banks, independents and captives, Orion harnesses its technology, expertise and experience to deliver better performance, deeper insights and a rewarding customer experience designed to support clients' growth.
ABOUT UNIVERSAL FINANCE:
With more than 35 years of experience and located just north of Boston, in Reading, Massachusetts, Universal Finance Corp. is a direct funding source. It has been a premier lender for the construction industry as part of a “One Stop Shop” for New England’s finest contractors since the early 1980s. Universal’s extensive experience in the construction industry gives it a unique edge when relating to customers.
Orion First promotes Cote to President, Dubinsky to Senior Vice President
Orion First Financial, LLC has promoted its director of accounting, Jenny Dubinsky, to senior vice president and director of contract operations, and has promoted executive vice president Quentin Cote to president and chief operating officer.
The promotions come just as Orion surpasses the benchmark of $3 billion under management. The company has enjoyed sustained growth over the last several years, despite the early tumult of the coronavirus pandemic. Orion adopted a leadership role in the commercial equipment finance industry throughout the pandemic, setting an assured tone and strategy for lenders and borrowers alike. Both Dubinsky and Cote were instrumental in navigating the industry’s ensuing upheaval, and helped Orion maintain its financial footing and continued growth.
CEO Dave Schaefer noted Cote’s contributions to Orion’s growth and marketplace innovation. “Quentin takes a deep interest in our clients and their well-being. This quality, and his ability to lead a high-performing team, are what the company needs as it continues to grow. Quentin has greatly influenced the strategic direction of the company.”
Dubinsky in particular was recognized by Schaefer for her leadership and management acumen. “She doesn’t just manage teams. She builds them. She leads them,” says Schaefer. “She’s seen us through some dramatic growth and has a clear vision for her group and the organization as a whole.”
CFO Zack Marsh agrees: “Jenny has a real passion for operational excellence. You see it in her commitment to developing a team of superstars and in her focus on building repeatable and reliable processes, all of which are critical for Orion’s ability to scale and perform at an optimal level for our clients.”
ABOUT ORION FIRST:
Orion First, founded in 2001, is a full-service commercial loan and lease portfolio servicer which provides a suite of services and products to manage the complete life cycle of a borrower. Orion's product suite includes commercial loan and lease servicing and collection, portfolio management technology with client portal, data management, business analytics, and backup servicing. As a key partner to banks, independents and captives, Orion harnesses its technology, expertise and experience to deliver better performance, deeper insights and a rewarding customer experience designed to support clients' growth.
Orion First Surpasses $3 Billion Under Management
Orion First has surpassed $3 billion in assets under management. This milestone comes shortly after reaching its previous benchmark of $2 billion in 2020.
The assets under management consist of small business commercial loans and leases for which Orion provides servicing, portfolio management, collection and backup servicing duties for clients ranging from federally regulated banks to captive and independent finance companies.
“We are seeing the benefits of substantial investments in technology, people and processes. We are able to adapt and grow with our clients, who are among the fastest growing in the industry,” says Quentin Cote, executive vice president of Orion. “We’re proud to partner with these successful companies and believe Orion’s growth is a key part of that success.”
Orion’s success may also be due in no small part to its business model. Unlike other servicers, Orion only services commercial portfolios. It views consumer portfolios as a distraction from this core focus. By allocating its resources entirely to a narrow (albeit deep) segment of the industry, Orion is able to offer more specialized expertise to its clients, and a better customer experience tailored specifically to the small business owner.
Additionally, Orion is foremost a primary servicer, with backup servicing making up less than 13% of total contracts under management. Servicers whose portfolios contain substantially more backup contracts than primary pose a risk to clients, as their operations can be strained if lenders begin to falter and they need to convert backup portfolios to primary servicing.
“There’s a transformation in the way borrowers expect to interact with their lenders,” says Cote. “They want to interact on their own terms. Orion has developed an industry leading borrower portal to empower the borrower. Additionally, data and analytics are playing a critical role in portfolio performance—what was once the art of lending is now the science of lending-and that’s where we’ve been investing. Our clients are able to make portfolio optimization decisions with increasing speed and confidence.”
ABOUT ORION FIRST:
Orion First, founded in 2001, is a full-service commercial loan and lease portfolio servicer which provides a suite of services and products to manage the complete life cycle of a borrower. Orion's product suite includes commercial loan and lease servicing and collection, portfolio management technology with client portal, data management, business analytics, and backup servicing. By delivering better technology, professional expertise, and deep experience, clients are able to consistently achieve lower losses, better pricing, lower expenses, and less distraction.
Orion First has unveiled its latest business analytics product, Delinquency Manager
Delinquency Manager is a highly customizable dashboard that clarifies trends and meaningful factors affecting the delinquencies in equipment loan and lease portfolios. It allows Orion's clients to view and filter data by state, originator, industry, and other criteria, to better understand what's happening and act swiftly and accurately on its insights.
"It's become a requirement for small business lenders to embrace analytics in order to remain competitive," says David Trost, VP of Product & Analytics of Orion. "Our technology lets us combine data that our clients are already collecting with Orion First's proprietary data, to develop these amazing new tools for visualizing and reporting. Not just on portfolio performance, but also insights into market trends and potential pitfalls."
Delinquency Manager is aimed at helping executives simplify their data compilation, trend analysis, and pricing. It will help portfolio managers identify problem areas quickly and easily, and communicate performance to a wide range of stakeholders.
The product is the latest in a string of recent releases from Orion that includes its popular Customer Portal and Client Portal. Orion is also folding these technologies into a new program, Insights, that will offer both a la carte and client-only business analytics tools.
Features include:
- Executive overview of portfolio health: trends in portfolio size, monthly delinquency, and summary of factors that have the biggest impact on delinquency
- Interactive delinquency manager: compare performance across delinquency buckets and portfolio categories; slice or cross-filter by timeframe, origination source, industries, asset type, geography, or custom categories specific to your portfolio
- Interactive roll rate analysis to develop delinquency expectations for the coming months: compare how different portfolio segments roll through delinquency buckets, slice or cross-filter the portfolio to compare performance amongst subsets
- Customize your dashboard—or individual pages—with additional filters, such as risk rating, recourse, or categories unique to your business
- 24 months of automatically updated delinquency data
- Reports are easily exported into .PPT and .PDF for easy sharing
ABOUT ORION FIRST
Orion First, founded in 2001, is a full-service commercial loan and lease portfolio servicer that provides a suite of services and products to manage the complete life cycle of a borrower. Orion's product suite includes commercial loan and lease servicing and collection, portfolio management technology with client portal, data management, business analytics, and backup servicing. By delivering better technology, professional expertise, and deep experience, clients can consistently achieve lower losses, better pricing, lower expenses, and less distraction.
CFBank Taps Orion First to Provide Servicing for Equipment Financing
SEATTLE, WA— Orion First Financial, LLC announced today that CF Bankshares Inc. (NASDAQ: CFBK) and its wholly-owned banking subsidiary, CFBank, N.A. (“CFBank”), has selected Orion First, a full-service commercial loan and lease portfolio servicer, as its exclusive provider of primary management services for the bank’s equipment finance and leasing line of business.
The agreement between the companies supports CFBank’s recent expansion into commercial equipment finance and leasing, offering financing to businesses secured by new and used equipment.
As part of the agreement, Orion will provide CFBank with full portfolio management services including the booking of newly originated contracts; payment processing and all cashier services; reporting covering accounting, portfolio data, delinquencies, and custom reporting; fully staffed, white-labeled customer service support, and delinquency/default management.
CFBank’s focus in this arena will be middle-market and small-ticket equipment finance transactions, loans, and portfolio purchases. It will originate transactions from third parties and bank customers before eventually expanding into vendor programs. “Our decision to go with Orion was simple: they’re the best at what they do,” says John Catalano, CFBank’s new president of equipment finance. “We want to stay focused on origination and credit underwriting. For that, we need a trusted partner for portfolio servicing and that is what we have with the Orion team.”
“We are excited to support CFBank with their entry into the equipment finance space,” said Quentin Cote, EVP of Orion First. “This is a fantastic team doing great work that aligns with our values. They are actively committed to helping small businesses succeed. As more banks enter the equipment finance and small ticket finance sectors, our industry as a whole benefits from their lending experience, their knowledge of commercial banking products, expanded customer bases, and ultimately, new ways to improve the experience of small business borrowers everywhere.”
Approximately $51.4 billion of new small-ticket (under $250,000) equipment loan and lease financing was originated in the United States in 2019, according to the Equipment Leasing & Finance Association in its 2020 Survey of Equipment Finance Activity, up from $47.5 billion in 2018. New business volume—which grew 10.5% in 2019—outpaced GDP growth (2.3% according to the U.S. Department of Commerce), with banks seeing the highest increase (12.8%) compared to independents (8.4%) and captives (6.9%).
ABOUT ORION FIRST
Orion First, founded in 2001, is a full-service commercial loan and lease portfolio servicer which provides a suite of services and products to manage the complete life cycle of a borrower. Orion’s servicing platform includes systems to support lease and loan accounting, credit application processing, scoring and decisioning products, and collection management.
ABOUT CFBANK
CFBank is a boutique commercial bank that was founded in 1892 and headquartered in Columbus, Ohio. Over a century has passed and its focus remains the same: to help businesses and individuals thrive. CFBank specializes in commercial loans and leases, commercial and residential real estate lending, treasury management depository services, and personal banking. CFBank is proud of its Ohio roots serving client needs through its physical locations in several Ohio major metro-markets including Columbus, Cleveland, Cincinnati, Akron, and branch locations in Columbiana County. In addition to its expanding network of full-service brick-and-mortar locations, CFBank also has national lending and deposit account origination presence. CF Bankshares, Inc. is the holding company for CFBank, N.A. (NASDAQ: CFBK)
Orion First to provide servicing to ApplePie Capital
SEATTLE, WA, February 17th, 2021 — Orion First has begun servicing contracts for ApplePie Capital.
Based in San Francisco and led by CEO and co-founder Denise Thomas, ApplePie Capital (APC) is a nationwide lender dedicated to the franchise industry, with transaction sizes ranging from $100,000 to $5,000,000. ApplePie’s Core loan product is designed especially for the needs of growing franchise brands and their franchisees, with an underwriting approach that focuses on high quality brands, units, and owners.
ApplePie sought out a partnership that will enable them to continue to grow their portfolio and provide a higher level of service. They also wanted complete, accurate and timely information on their portfolio—something Orion’s client portal provides.
“What we found in Orion are quality people who are engaged in the sales process and who we think will work well with our team and our franchisee clients,” says Thomas. “They clearly grasp ApplePie’s needs, know the marketplace, and share our focus on high-touch customer service.”
Servicing needs have grown more complicated for originators over the course of the pandemic, with more scrutiny needed on individual accounts and more access needed to evaluate data. According to Thomas, that’s exactly what Orion First offers.
“We’re honored that ApplePie is willing to entrust their customers to our care,” says Quentin Cote, EVP of Orion. “Our focus, attention, and technological tools gave them confidence that we were the right fit for the job.”
Focus, attention, and tools are no accident, but the result of an intentional strategy, Cote says. “Our mission is to provide a satisfying customer experience. And it’s clear to us the level of attention and care ApplePie has for its customers. We share a customer-oriented strategy.”
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 APPLEPIE CAPITAL
Headquartered in San Francisco, ApplePie Capital is an online lender that brings a new economy to franchise financing. The firm's franchise loan marketplace enables single- and multi-unit franchisees to efficiently obtain financing to start or expand their franchise business. ApplePie Capital enables investors to earn attractive fixed-income returns with established high-quality franchise brands.
Orion First to provide servicing to Paradigm Equipment Finance, Inc.
SEATTLE — 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.
Orion First to provide servicing to TEAM Funding Solutions
SEATTLE — Orion First has begun servicing contracts for TEAM Funding Solutions.
Based in Austin, TEAM, like much of the industry, was interrupted by the pandemic, which forced a reevaluation of its business operations. Ready to focus again on growing originations, its leadership felt it was time to outsource their servicing as opposed to hiring additional operations staff.
“We’re proud to team up with TEAM,” says Quentin Cote, EVP of Orion. “We’ve been fans of theirs for a long time. Their mission of helping customers realize their dreams dovetails with our purpose. At Orion, we believe the world is a better place when small business succeeds. And we accomplish that through our mission to provide deeper insight, stronger portfolio results, and a highly satisfying borrower experience for small business lenders. We’re honored to be entrusted with these responsibilities for TEAM.”
And it’s the highly satisfying borrower experience that TEAM is looking for in partnering with Orion. TEAM President Ted Reynolds is quite familiar with Orion’s track record, as TEAM has worked with Orion’s leadership in previous business ventures.
Reynolds adds, “Our company exists to enable America’s small businesses to grow and prosper. We do that by granting credit to the many good business owners who are too often turned down by traditional banks. We want our capital to be invested in our customer’s success, not limited by large expenditures required to build, manage, and maintain the servicing related demands of our business. Our relationship with Orion will allow us to focus on our customers first and foremost, while growing a responsible and scalable company.”
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 software 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 TEAM
TEAM Funding Solutions is an independently owned direct capital source dedicated to financing equipment leases exclusively for the Broker Community. With over 28 years in business, TEAM operates in a unique sector of the leasing industry by approving borrowers with challenged credit or those financing equipment for new businesses.