Gig Harbor, WA - November 1, 2002 - Orion First Financial, LLC and Procure Financial Services, Inc. dba BSB Leasing have formed a new joint venture, Procure Financial Funding, LLC (PFF). PFF has established a $500,000 revolving line of credit with Kitsap Bank (Port Orchard, Washington) to warehouse leases originated by BSB Leasing. The new venture bundles the warehoused leases into portfolios and the lease receivables are sold to Union Safe Deposit Bank (Stockton, California) under an $8,000,000 commitment. Orion First Financial, LLC will provide lease servicing and administrative services to PFF and Union Safe Deposit Bank.
"We're pleased with the partnership with Orion First Financial." stated Don Myerson of BSB Leasing "With the experience Orion First Financial provides in lease administration and BSB's originations ability we now have the control and flexibility necessary to increase our business originations and build a quality portfolio of business."
According to David T. Schaefer of Orion First Financial, "The Orion First program brings together the three required disciplines of a lessor: originations, funding and servicing. This arrangement allows BSB the flexibility of being a lessor yet minimizes the risks associated with owning its own portfolio. With PFF we established the short-term lines of credit, permanent funding and the required lease servicing and administration to insure long-term profitability. We are pleased to be associated with a quality company like BSB Leasing."
The Orion First program is unique in that it provides a level of control and flexibility needed in today's leasing marketplace. As funders have made dramatic changes in underwriting standards, or exited the market altogether, originators are looking for funding alternatives that are more predictable and stable. The Orion First program allows participants to expand funding resources and build lasting value.
Orion First Financial, LLC located in Gig Harbor WA, provides primary and back up lease servicing, complete portfolio management, and advisory/consultative services to the commercial equipment leasing industry. Orion has differentiated itself from other lease servicing companies by not only offering the standard billing, accounting and tracking services, but by providing complete portfolio performance management.
Procure Financial Services, Inc dba BSB Leasing located in Denver, CO originates small ticket commercial equipment leases throughout the Unites States through a network of independent lease brokers and direct sales representatives. Over the past 20 years BSB leasing has proven to be an efficient and reliable resource for independent leasing companies nationwide.
