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UMPQUA BANK ANNOUNCES ACQUISITION OF FINANCIAL PACIFIC HOLDING CORP
6/4/2013
FinPac has established a new program to help its third party originators (TPOs) to maximize the approval rates for their equipment vendor clients in the small ticket segment. VendorFlex customizes vendor programs with structure, automated processing, branding and pricing that supports "B & C" credit risk lessees.
Terey Jennings, SVP-Business Development, reports that "Approval percentages on vendor programs have dropped substantially in the past two years. Equipment vendors are losing valuable sales opportunities when they now need them the most and it is straining the lessor-vendor relationship. VendorFlex fills in behind other funding sources to widen the credit window and support our TPO's vendor client relationship."
Financial Pacific Leasing was founded in 1975, having always specialized in the second tier credit niche. FinPac is able to serve their unique profile of client by accessing the broader small ticket market through third party originators across the U.S. Their TPO relationships date back over twenty years and comprise of brokers/lessors who serve direct customers and equipment vendors.