Gig Harbor, WA -- Orion First Financial, LLC and Innovative Lease Services, Inc. have formed a new joint venture, ILS Funding, LLC. The joint venture has established a revolving line of credit with US Bank, NA (Spokane, Washington) to warehouse leases originated by Innovative Lease Services, Inc. The new venture bundles the warehoused leases into portfolios and the lease receivables are sold to Kitsap Bank (Port Orchard, WA) under a permanent funding facility. Orion First Financial, LLC will provide lease servicing and administrative services to ILS Funding, LLC and Kitsap Bank.
Andrew Nere, President of Innovative Lease Services, Inc. stated, "Increasing the level of control over lease funding was an aspect of the Orion program that appealed to us. In the leasing marketplace today creativity, flexibility and stable funding are all very important. By partnering with Orion we accomplish all three. We are pleased to be working with Orion and look forward to long relationship."
Ted Brownrigg of Orion First Financial stated, "It is a real pleasure to be partnering with Andrew Nere and Innovative Lease Services. The energy and commitment of Andrew along with everyone at Innovative Lease Services insures that our new joint venture, ILS Funding, will be a great success. The Orion joint venture program was designed for organizations like Innovative Lease Services."
The Orion First program is unique in that it provides a level of control and flexibility needed in today's leasing marketplace. Today's competitive leasing marketplace demands that originators develop a level of control over fundings that provides them with stability, reliability and helps increase the value of their company. The Orion First program allows participants to expand funding resources, improve transaction flow 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 and treasury functions.
Innovative Lease Services, Inc. is an independent leasing company founded in 1986 arranging equipment leasing and financing for businesses nationwide. Innovative Lease Services is based in Carlsbad, CA. For more information on Innovative Lease Services, Inc please visit www.ilslease.com or call (800) 438-1470.
