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North Mill Achieves Record Originations for 2019

Wednesday, January 8, 2020   (0 Comments)
Posted by: North Mill Equipment Finance
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DATE:          January 8, 2020 – FOR IMMEDIATE RELEASE

CONTACT:   Don Cosenza, SVP, Chief Marketing Officer
PHONE:       (203) 354-1710
EMAIL:        dcosenza@nmef.com



North Mill Achieves Record Originations for 2019


January 3, 2020, SOUTH NORWALK, CT – North Mill Equipment Finance LLC (“North Mill”), a leading independent commercial equipment lessor located in South Norwalk, Connecticut, announced today that the company posted record originations for 2019 -- the best year in its history. Funded volume exceeded $136 million representing a growth rate of 350% over 2018.

“Everybody’s collective efforts are responsible for our transformative success,” said David Lee, Chairman and CEO of North Mill. “I could not be prouder of the team we have in place. Our employees have embraced the many changes we’ve implemented to meet the needs of our ever-expanding base of referral agents. This has been a banner year in many respects as we also established a greater number of relationships with new brokers than at any time prior.”

North Mill’s originations success has had a resounding impact on all facets of the company’s business. In December, the company successfully closed its third commercial equipment asset backed securitization (ABS), NMEF Funding 2019-A. The $164 million ABS issuance priced at a duration weighted average yield of 3.15 percent. The proceeds will be used to pay down the company’s higher priced warehouse lines and further diversify its portfolio by increasing the percentage of better credit customers.

“As we dive into 2020, we will continue to increase our focus on higher quality credits and diversified asset categories,” explained Mark Bonanno, COO, North Mill. “Our operating scale and cost of funding have materially improved our expense ratios. This will allow us to originate and hold lower yielding, less risky loans and leases.” The company plans to continue modifying its processes to improve efficiencies and level of customer service. A substantial investment in its IT infrastructure is planned in order to meet greater volume and support additional affiliations with industry partners.

Historically known by referral agents 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. At the close of 2019, the company’s weighted average FICO score for personal guarantors for the year improved to 693 as the company works to write a larger percentage of business on deals with FICO scores over 700.

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.