Specialty online lender Noesis has tapped a Walmart and Capital One veteran to lead its new finance program with the hire of Hiren Patel. Mr. Patel’s addition is the latest of several hires from companies including IBM and Lending Club.
Noesis specializes in financing energy-saving building improvements such as lighting and HVAC systems.
Mr. Patel comes to Noesis from Walmart, where he led the new product and business development division of Sam’s Club Financial Services. At Noesis Mr. Patel will lead the launch of the new promotional financing program while also working with new and institutional credit providers.
Noesis is a specialty online lender that works with commercial building owners to increase the value of their buildings by educating them about energy efficient upgrades they can make to their buildings. Because nearly 70 percent of such projects do not get internal approval due to lack of a budget, Noesis works with partners to provide financing to allow more projects to move forward.
Noesis reports more than 200 partners, from schools and hospitals to warehouses and hotels, have arranged equipment financing through the platform. They provide third-party investment and risk analysis, turnkey financing options and sales automation tools. According to a release, Noesis partners are on a pace to surpass $1 billion in requests in 2015.
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