North Mill Posts Record Originations For The 2nd Quarter
JULY 1, 2019, SOUTH NORWALK, CT – North Mill Equipment Finance LLC (“North Mill”), a leading independent commercial equipment lender located in South Norwalk, Connecticut, announced today record originations for the 2nd Quarter of 2019, exceeding $33 million in funded volume. It was the best quarter in the company’s history and represented a growth rate in excess of 50% from the 1st Quarter.
“Since our recapitalization with Wafra Capital Partners in August 2018 and the implementation of our exclusively broker-centric based origination strategy, we have seen not only tremendous growth in absolute volume, we have been successful in diversifying our mix of asset categories and credit tiers while maintaining our yield targets,” reported David Lee, Chairman and CEO of North Mill.
“Our asset mix is now equally divided amongst vocational trucks, trailers, sleeper trucks, construction equipment and other business essential equipment such as medical, manufacturing and franchise finance. For the 2nd Quarter, our weighted average FICO score for personal guarantors was 693, with approximately 40% of the funded volume having FICO scores over 700. Over 20% of the funded volume was under our App Plus program whereby we review financials for transactions above $150,000 leading to an average funded transaction size of over $70,000,” Lee explained. “With our substantial capital partner and over $130 million in credit facilities with major banks combined with over 200 active broker partners, North Mill is well poised to continue its growth trajectory.”
About North Mill Equipment Finance
Headquartered in Norwalk, Connecticut, North Mill Equipment Finance originates and services small-ticket equipment leases and loans, ranging from $15,000 to $300,000 in value. A broker-centric private lender, the company handles A – C credit qualities and finances transactions for numerous asset categories including construction, transportation, vocational, manufacturing, and material handling equipment. North Mill is majority owned by an affiliate of Wafra Capital Partners, Inc. (WCP). For more information, visit www.nmef.com.
The National Equipment Finance Association (NEFA) is a nonprofit trade association created to represent the equipment leasing and finance industry throughout North America by providing a forum for personal and professional growth through Community, Education and Professionalism.