Gig Harbor, WA -- Orion First Financial, LLC and Pioneer Capital Corporation have formed a new joint venture, Pioneer Capital Funding, LLC (PCF). The joint venture has established a revolving line of credit with Kitsap Bank (Port Orchard, Washington) to warehouse leases originated by Pioneer Capital Corp. The new venture bundles the warehoused leases into portfolios and the lease receivables are sold to Union Safe Deposit Bank (Stockton, California) under a permanent funding facility. Orion First Financial, LLC will provide lease servicing and administrative services to PCF and Union Safe Deposit Bank.
"Our partnership with Orion First Financial provides us the ability to make quicker decisions, and to provide a reliable source of lease funding to our broker customers. With so many brokers funding deals through so few sources, many firms are experiencing exposure and other credit issues with their transactions. Together with Orion First Financial, we can offer an improved solution to our customers." stated John Boettigheimer, President of Pioneer Capital Corporation. Pioneer's Broker program offers online applications, approvals, and documentation through their online system called ZapLease.com ®.
David T. Schaefer of Orion First Financial stated, "We are pleased
to be associated with a quality company like Pioneer Capital Corp.
Their desire to adopt innovative approaches to funding will immediately
improve their ability to fund more transactions and improve their
service levels. This is a significant event in Pioneer's development
as a funding source and we are excited to be part of their success."
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.
Pioneer Capital Corporation is an Addison, Texas based equipment
leasing company. Pioneer is a 20 year member of the United Association
of Equipment Lessors and a 6 year funding source member of the NAELB.
Pioneer's first credit facility was a $20 million revolving structured
finance facility in 1998. For more information on Pioneer Capital
Corporation, go to www.pioneerfunding.com
or call (800) 521-1308.
