Orion First Provides Servicing to Paradigm Equipment Finance

Orion First has begun servicing contracts for Paradigm Equipment Finance, a Salt Lake City-based nationwide lender providing asset-based financing programs.

“We needed a long-term partner which would allow us to scale while allowing our funding teams to remain quick and nimble,” Tyler Deters, CEO and president of Paradigm Equipment Finance, said. “Orion came well referred and has a reputation for excellence throughout the industry.”

“Outsourcing is a good long-term strategy, and a timely one,” Quentin Cote, executive vice president of Orion First, said. “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.”

Paradigm Equipment Finance’s average transaction size is roughly $75,000, with a focus on construction equipment, titled trucks and trailers, manufacturing and other heavy equipment. It originates primarily through a nationwide network of equipment brokers, generally lending to C and D credits; however, it has recently added products for customers with B credits.

Orion First offers commercial loan and lease servicing and collection, along with portfolio management technology with a client portal and backup servicing.

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