AUSTIN, Texas — Noesis, an online lending marketplace for financing energy-saving equipment such as HVAC, lighting, and other commercial building improvements, has announced the launch of a promotional financing program to help accelerate the sales of its partners. 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 new chillers, boilers, building control systems, and other commercial energy-saving equipment — nearly 70 percent 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. 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 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 of 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 joins other recent hires from LendingClub, A+ Credit Union, National Cooperative Bank, and IBM’s equipment financing group, deepening Noesis’ expertise in equipment financing.
Noesis has over 200 partners that use its 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 to help HVAC, lighting, and building controls vendors, distributors, and contractors sell more equipment and grow their business. The company said its partners are on pace to use Noesis to propose over $1 billion in commercial equipment purchases in 2015.
For more information, visit www.noesis.com.
Publication date: 6/29/2015