Orion First has begun servicing contracts for Paradigm Equipment Finance.

Based in Salt Lake City, UT, and led by President and CEO Tyler Deters, Paradigm is a nationwide lender providing asset-based financing programs requiring minimal credit criteria for businesses that 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,” said 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,” said Quentin Cote, Executive Vice President 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 its 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. It originates primarily through a nationwide network of equipment brokers, generally lending to C and D credits, however, they have recently added products for customers with B credit.