CONTINGENT COLLECTIONS - BOWLED OVER AND FLOORED

Effective RecoverStarts with Strategic Discovery

Our story starts in Fallon, Nevada where highway 50 and 95 slice through each other’s proud American pavement. It begins with a bowling alley and an AWOL obligor. An obligor who has, in fact, managed to default on both his building note and, consequently, the bowling lanes within that building. Of primary concern to us are these lanes and their spherical counterparts.

You see, our client – a bank in San Francisco – financed the construction of 7 new lanes and a slew of multicolored, metallic bowling balls to roll down this freshly placed wood.

Now, there are a few facts we know about this bowling alley that are of particular interest:

  • It has 9 bowling lanes, 7 of which were paid for by said client.
  • The building is owned by a third party and he has foreclosed on the tenant.
  • The owner of the building has taken over running the bowling alley because the lessee has skipped town.

The bank who financed the new lanes and bowling balls for nearly $55,000 knew they were in a pickle, so they reached out to a collection team to assist in recovery of the debt. The collection team returned some time later, empty-handed, unable to track down the obligor or any assets. Enter Orion First Financial.

This is how it all went down:

We first had to establish with the building owner that the lease agreement with the obligor included a landlord waiver and that the lanes were the property of our client. Next, we negotiated with the property owner to sell the lanes. Initially, he balked. But once he understood that we would have no other choice but to come in and physically remove the 7 lanes, rendering the bowling alley a profitless shell, he relented and we negotiated a sale price of $20,500.   Talks with the property owner revealed that the obligor had owned and recently sold another property – a local minimart – suggesting that there were sufficient assets to cover the default deficiency.

While going this route is never fun – we knew it was time to get litigious. After securing legal counsel and arranging to file suit against the obligor, further investigation revealed the identity of the new owner of the property sold by the obligor. Once we identified and located the new owner, legal counsel was directed to arrange for garnishment of the note payment pertaining to the sale of the minimart property. Our client received payments through garnishment totaling $32,000. In all we collected enough to pay off the balance of the loan to the bank and cover all associated fees for recovery.

We recovered all $52,500 for our client.

No stone left unturned. Building rapport. Asking the right questions. Due diligence. At Orion, we understand that it takes comprehensive inquiry, creativity and grit when it comes to collecting for our clients. These are hallmarks of the Orion way of business. All at once old school – relying on a network of relationships forged over years in the equipment finance industry – and modern in our use of technology to track down those delinquent debts.

We know that effective recovery starts with strategic discovery. If you’re ready for that boost to your bottom line, then we'd like to extend to you a free 30-day evaluation of your non-performing assets – No Commitment, No Strings Attached.

Give us a call (888) 705-8778 to find out how our Contingent Collections services can recover your money. Check out our Contingent Collections page for more information.

Orion First Financial - Your Back Office Collection Specialists


ORION TO PROVIDE COMPREHENSIVE SERVICING OF PACIFIC CAPITAL CONTRACTS

GIG HARBOR, WASH. - Orion First Financial, LLC has begun servicing contracts for Pacific Capital Companies, a small ticket equipment finance company headquartered in Santa Monica, CA. Orion will provide credit underwriting, billing, cash management, front end collections and special assets services, as well as, sales/use and personal property tax services of equipment lease and loan contracts.

Pacific Capital Companies plans for aggressive growth in the small ticket equipment industry in 2013. Current plans for expansion include the hiring of approximately 50 loan originators with annual originations expected to be in the $80-$100 million range. Through the vetting process, Pacific Capital found Orion’s quality and scope of services best aligned with their particular needs.

“Pacific Cap Co is very pleased to partner with Orion First Financial for complete servicing of our small ticket portfolio. Their industry knowledge, proven ability to execute, and overall professionalism is exactly what we hoped to find in a servicer.  With our aggressive 2013 ramp plan, we need a highly qualified partner who can sprint alongside the growth of the business with us,” said Charles Anderson, Managing Partner of Pacific Capital.

“We are thrilled to provide such a range of services for our friends at Pacific Capital. Our shared vision for sustained growth and commitment to impeccable service dovetail seamlessly. I’m very excited to share the news of Orion’s relationship with Pacific Capital. It’s a very promising start to the new year,” said Shannon Green, President of Orion First Financial.

Orion First Financial, located in Gig Harbor, WA, is an independent servicer for the equipment finance industry. Orion specializes in underwriting, lease servicing, special assets services and strategic advisory within the equipment finance industry. As a multifaceted and innovative equipment finance company, Orion can effectively engage with Leasing Companies, Equipment Dealers & Manufacturers, Banks and Financial Institutions. Orion’s skilled team, efficient technology platform and best practices approach, generate exceptional industry performance metrics that translate into better profits, less stress and enriched customer relationships for their clients.


ORION TO PROVIDE SERVICING TO ENDURANCE LENDING NETWORK CONTRACTS

GIG HARBOR, WASH. - Orion First Financial, LLC has begun servicing contracts for Endurance Lending Network, an exciting, forward-thinking web-based lending platform with offices in San Francisco and New York. Endurance utilizes a web-based lending platform that connects small businesses looking for capital with non-traditional lending sources. Orion is providing a turnkey, comprehensive loan and lease administration platform to accelerate Endurance’s growth. Services to be provided include contract documentation & UCC related services, invoicing, payment processing, customer service, collections and special asset services.

 

Copyright © 2013 Endurance Lending Network

“Orion's service and support platform was a perfect fit for us here at Endurance. We look forward to working with Orion First Financial as we continue to connect more businesses with a new sub-set of investors,” said Sam Hodges, Co-Founder of Endurance Lending Network.

“We are thrilled to provide this range of services for Endurance Lending Network. Our shared vision for providing small businesses with viable lending resources and seeing sustained growth in this niche market makes our partnership all the more suitable and satisfying. I’m very excited to share the news of Orion’s relationship with Endurance Lending Network,” said Shannon Green, President of Orion First Financial.

Orion First Financial is a service provider leader in the small ticket equipment finance industry. Orion specializes in underwriting, lease servicing, special assets services and strategic advisory within the equipment finance industry. As a multifaceted and innovative equipment finance company, Orion can effectively engage with Leasing Companies, Equipment Dealers & Manufacturers, Banks and Financial Institutions. Orion’s skilled team, efficient technology platform and best practices approach, generate exceptional industry performance metrics that translate into better profits, less stress and enriched customer relationships for their clients.

Endurance Lending Network is a startup web-based lending platform that connects small businesses looking for $50-500K of debt capital with non-traditional lending sources such as accredited investors, family offices, wealth management platforms, and debt funds.