AUSTIN, Texas, June 17, 2015 /PRNewswire/ -- Noesis, the online lending marketplace for financing industrial equipment, such as lighting, HVAC, and other energy-saving commercial building improvements, today announced the launch of its promotional financing program that will help accelerate the sales of its partners and provide them with a competitive industry advantage. The company also announced the appointment of Capital One and Walmart veteran, Hiren Patel, as Chief Credit Officer, who will lead Noesis' new finance program.
Noesis' promotional financing addresses a major obstacle in selling lights, chillers, boilers, building control systems and other commercial energy-saving equipment – nearly 70% of the purchases proposed do not get approved due to lack of budget. Noesis' program offers attractive terms to overcome these budget constraints and help significantly increase project approval rates. Noesis' participating partners can now offer their customers flexible financing terms such as 'same as cash' financing (including zero interest and no interest, no payment options) and reduced interest rate financing on vendor equipment.
"As we continue to grow our lending marketplace, we recognized there was a need to offer promotional financing for our partners, similar to what fin-tech companies have offered in other commercial and consumer sectors," said Scott Harmon, founder and chief executive officer, Noesis. "Our promotional financing is directly applicable to the $18 billion in energy-saving equipment sold annually to commercial building owners, but there is a much bigger opportunity to offer attractive, point-of-sale financing to overcome budgeting and other purchase constraints across all industrial equipment sales, from refrigeration to elevators."
New hire Hiren Patel, a veteran of Capital One's small business and auto finance divisions, and recently the new product and business development lead on the Sam's Club Financial Services team at Walmart, will oversee and spearhead the launch of the promotional financing program, as well as work with both new and existing institutional credit providers to the Noesis marketplace. Patel brings a strong track record of product and credit risk innovations to deliver greater value to customers and help support the credit needs of businesses. The addition of Patel is the latest in a series of hires to address the skyrocketing interest in Noesis' equipment finance credit offerings. Patel joins other recent hires from LendingClub, A+ Credit Union, National Cooperative Bank, and IBM's equipment financing group, deepening Noesis' unique expertise in vendor equipment financing for small and medium and commercial customers.
Noesis has over 200 partners that use the Noesis marketplace to arrange equipment financing for a wide range of commercial and small businesses, including schools, hospitals, warehouses, hotels and retail stores, and apartment buildings. Noesis provides third-party investment and risk analysis, turnkey financing options and sales automation tools that are empowering HVAC, lighting and building controls vendors, distributors and contractors to sell more equipment and grow their business. Noesis' partners are on pace to use Noesis to propose over $1 billion in commercial equipment purchases in 2015.
For more information on Noesis, please visit www.noesis.com.
Noesis is a specialty online lending marketplace that helps the commercial building owners increase the value of their buildings. It does this by helping them make informed investment decisions in energy-related equipment, such as LED lights, and providing financing to upgrade their buildings, generate additional cash flows and increase property values. Noesis meets the needs of the owners of the 5 to 7 million non-residential buildings in the US through in-house project financing expertise, proprietary project valuation technology and a range of innovative financing vehicles.
Unlike traditional banks and asset-backed equipment finance lenders which focus on the credit score of a business or the value of an asset, the Noesis platform combines business credit history with business financials, building value and energy savings into a single, combined lending score. The Noesis Project Score unlocks access to capital at more attractive rates and terms for building owners, and provides lower risks and higher returns for financial institutions.
Noesis is used by local and national commercial building owners, as well as over 200 US commercial equipment and services companies who use the Noesis platform and lending marketplace to help them win more of their project proposals and grow their business.