North Mill Posts Record Originations for the 3rd Quarter 2019
October 1, 2019, SOUTH NORWALK, CT – North Mill Equipment Finance LLC (“North Mill”), a leading independent commercial equipment lessor located in South Norwalk, Connecticut, announced today record originations for the 3rd Quarter of 2019. The best quarter in North Mill’s history, the company exceeded $43 million in funded volume representing a growth rate in excess of 30% from the prior quarter.
“We could not be happier with our continued growth, while diversifying our mix of asset categories, improving our credit profile and maintaining our yield targets,” reported David Lee, Chairman and CEO of North Mill.
Historically known primarily as a lender for sub-prime owner operator, long-haul truckers, North Mill now counts non- transportation assets as its largest asset category and heavy-duty sleeper trucks as its smallest. For the 3rd Quarter, the company’s weighted average FICO score for personal guarantors improved to 694, with over 40% of the funded volume having FICO scores over 700.
Moreover, as a 100% broker-centric organization, North Mill continues to focus its efforts on providing its referral agents with the products, services, and technology necessary to help them grow their businesses. The company has established more relationships with new brokers in 2019 than in any year prior.
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.