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.
Zack Marsh, appointed to serve on the Board of Trustees of the ELFF as Secretary/Treasurer
Equipment Leasing and Finance Foundation (ELFF) has announced the newest officers on its Board of Trustees, and we couldn’t be more proud of our very own Zack Marsh, Orion First CFO, who will serve as Secretary/Treasurer.
His modesty won’t permit him to say it, so allow us: Zack’s leadership, geniality, and experience will only help the ELFF as our industry continues to plan for a post-COVID world.
Read the press release and please join us in congratulating Zack and the rest of the newly minted Board officers!
Created by the Equipment Leasing and Finance Association (ELFA) in 1989, the ELFF is a non-profit organization guiding the association and the industry by providing knowledge, intelligence and programs to promote continual innovation.
Thanks - A letter from our CEO
Orion First has been busy these last months, launching a new customer portal, promoting new leadership, and making sure the needs of every client, employee, and stakeholder is attended to. Such categories are impersonal, and so we remind ourselves every day that we are all people first.
On that note, with Thanksgiving upon us, I’d like to take a moment to formally express my gratitude—and that of the entire Orion leadership team—to every one of you.
Clients: Thank you for entrusting us with the care of your customers and portfolios. You've taken on challenges this year like you've never seen before, and you maintained the high level of trust you place in us. We are grateful for that, and for our relationship.
Staff: Thank you for stepping up during this disruptive year. You took on challenges you never anticipated and rolled with the punches. You’ve taken to heart our purpose in helping small businesses succeed and have made the world better for it. Thank you. Thank you. Thank you.
Unitholders & Lenders: Thank you for believing in our purpose enough to support us with your time and investment. Small business owners often operate—on small margins and high risk—in the belief that what they’re doing is meaningful. Having your support during these turbulent times has helped us endure and prepare for the great future we have ahead of us.
Vendors & Suppliers: Thank you for your teamwork, your patience, and your can-do attitude. You’ve demonstrated that we’re all in this together, and we can help each other ride out the storm with minimal damage. And our relationship is now stronger for it.
Together—you, me, all of us—we’ve met the moment and demonstrated the power of what our industry can do when people help people to help people. I’m humbled. I’m grateful. And boy, you know what? I’m optimistic.
Sincerely,
David T. Schaefer | CEO
Orion First Launches New Customer Portal for Small Business Lenders
SEATTLE, Oct. 15, 2020 /PRNewswire/ -- Orion First, a commercial loan and lease servicer, has released its latest product: a customer portal, enhancing the customer experience for borrowers.
Orion's new customer portal is a mobile-friendly website designed purely for the end user. With it, obligors can view, manage and optimize their accounts from wherever they are, at any time. It allows users to make payments, locate contract details and request payoffs, among other features. Affording small business owners more control over their accounts increases transparency and trust. For Orion's clients—lenders to small businesses—this means more highly satisfied customers.
"Today's borrowers are used to managing their financial relationships on their phones," says Quentin Cote, Orion's Executive Vice President. "Their loan and lease contracts are no exception. Orion is fulfilling that demand with its offering tailored to the unique needs of the small business commercial finance space. Now customers can have flexibility in choosing how they want to interact with their servicer."
As consumer demand for virtual banking options increases, commercial lenders are having to incorporate technological solutions into their business strategies. Orion First—a major commercial loan and lease servicer—is leading by not just adopting but synthesizing new technologies to facilitate the success of small businesses.
Preview the new customer portal at: https://orionfirst.com/customer-portal/
KEY DEVELOPMENTS AT ORION
- Increased technology product development staff by 40 percent in 2020
- Surpassed $2 billion under management in February (only 16 months after $1 billion benchmark
- 65 percent increase in staff across all departments since 2019
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 include commercial loan and lease servicing and collection, portfolio management software with client portal, proprietary portfolio analytics and benchmarking products, 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. Learn more at https://orionfirst.com
Orion First promotes three key leaders, adds Brylee Horning as new VP of customer service
Seattle — Orion First has promoted Jenny Wood to SVP of client services, Shannon Prange and Terry Wood to VPs of portfolio management, and has hired Brylee Horning as new VP of customer service and onboarding contracts.
Jenny Wood, formally SVP of customer service and onboarding new contracts will assume the role of SVP of client services.
Jenny will serve to integrate the functions of Orion’s departments into a seamless experience for its clients, emphasizing meaningful relationships. Her role will enhance the value of client businesses through insight, portfolio performance, and satisfied borrowers.
“Jenny’s a dynamic leader,” said David T. Schaefer, CEO of Orion. “Her skills, experience, professionalism, and accountability have shaped our growth and informed our direction. It’s no mistake that her strength in client services has become a strategic focus for us.” As Orion elevates its mission—"to provide deeper insight, stronger portfolio performance, and a highly satisfying customer experience”—the need for client services to coordinate and integrate its services has become essential. As Schaefer says, “We need Jenny to take the team to the next level. Jenny’s broad experience and encyclopedic knowledge are ideal for this position.”
"It's a perfect fit, given my experience and Orion's goals,” says Wood. Client services are the core of what Orion is about, and giving it this added attention really exemplifies everything I love about this company."
Wood joined Orion in November 2002 in the collections department. She’s been responsible for collection of accounts up to 90 days delinquent, supervision of front-end collections, personal property and sales tax compliance, as well as various areas of customer service. Recently, she was profiled as one of the Monitor’s 50 most influential women in leasing.
Brylee Horning, formerly VP of credit and syndication at Summit Commercial Finance, joins Orion as VP of customer service and onboarding of new contracts. Horning’s focus on these two areas will help build consistent, repeatable processes, especially as Orion transitions towards new ways of interacting with clients and obligors, such as e-booking and its new obligor portal.
“We’re excited to have Brylee on our team,” says Schaefer. “She’s an experienced commercial finance leader. Her knowledge will help us grow, reach and support a greater number of small business lenders.”
Horning attended the University of Arizona and the University of British Columbia and has worked for Summit for the past 16 years. While at Summit, she filled numerous roles on the origination and syndication side of commercial financing, most recently as VP of credit and syndication.
“I'm thrilled,” says Horning. “It's an exciting time for Orion and it’s an honor for me to be associated with this talented organization that each day sees some new synthesis of preparation, service and innovation.”
Shannon Prange and Terry Wood have been promoted to VPs of portfolio management.
Prange and Wood will each lead a unit, supporting Orion’s client-focused strategy in the collections area by creating two client-centric collections teams. The new structure will limit the number of clients per unit and improve internal process knowledge on client needs and nuances.
Prange builds on her collections team leadership role, while Wood has played multiple roles within Orion and Mintaka Financial, with a deep background in the industry.
Orion enjoys a reputation for an effective collections process. Tony Sedlacek, Orion’s SVP of portfolio management, explains the two-unit strategy: “It will not change the fundamentals of Orion’s collections practices, but we expect the change to help us in our mission to delight the client and deliver best in class results.”
Orion First Surpasses $2 Billion Under Management
SEATTLE: Orion First has surpassed $2 billion in assets under management. This milestone comes only 16 months after reaching its previous benchmark of $1 billion.
The assets under management consist of small business commercial loans and leases for which Orion provides all back-office portfolio management, servicing and collection duties for a clientele that ranges from federally regulated banks to independent finance companies.
"It's proof of our performance, that we've got a good product," says David T. Schaefer, CEO of Orion First. "Passing one billion was a big one—we've shown that we're here to stay. Now we're showing that we can continue to scale and deliver value. It's gratifying, for us and for our clients. We're ready for whatever 2020 brings."
Orion's impressive growth is attributable to several key factors. It has a highly skilled team that continues to grow; it has invested heavily in developing its own proprietary technology; it maintains a clear-eyed strategic focus on its core strengths; and it keeps its eye on future trends and developments in both the marketplace and in technology.
2019 was a banner year for acquisition of new clients and portfolio growth of Orion's existing client base. New clients included start-ups as well as established finance companies with seasoned portfolios. "We see more finance companies considering outsourcing their portfolio servicing function," continues Schaefer. "They're relying on us to manage their portfolio, mitigate risk, and continue to scale our operation as their new business originations continue to grow."
Looking forward for Orion, 2020 is set to be a year of increased new business volume and continued investment in human resources and technology, which will position Orion to meet the needs of its growing clients and assure strong portfolio performance in future years.
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, commercial collections, proprietary scoring and decisioning products, 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.
Congratulations to Jenny Wood for joining the ranks of The Monitor's 50 most influential women in leasing!
Jennifer Wood, Orion First’s Senior Vice President of Client Services, has been named one of the 50 most influential women in leasing by the Monitor Daily. We are fortunate for her vision leadership at Orion and are excited that The Monitor has recognized her influence.
“I see a future in which men know how to offer critique constructively and tactfully; they know to ask my thoughts and opinions. And we need to help them get there. We can’t promote women in the industry without men alongside us walking the walk.”
Click here to read her feature in The Monitor
"FIRST IN - LAST OUT” Orion Featured in the Monitor Daily Spotlight on Asset Management
Orion First’s Commercial Collections department was featured in the latest edition of the Monitor Daily’s Spotlight on Asset Management and Tony Sedlacek had the chance to explain some of Orion’s proven philosophy on asset management and recovery services.
“The hallmark of the Orion way of business is a mix of the old school with the present day; leveraging a solid network of relationships forged over years in the equipment finance industry, while utilizing modern technology to optimize operations, track down delinquent debts and achieve the maximum recovery.”
Click here to read the complete Spotlight
