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North Mill Achieves New Record as July Originations Hit All-Time High

Tuesday, August 4, 2020   (0 Comments)
Posted by: North Mill Equipment Finance
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DATE:        August 3, 2020 – FOR IMMEDIATE RELEASE



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


North Mill Achieves New Record as July Originations Hit All-Time High


August 2, 2020, NORWALK, CT – North Mill Equipment Finance LLC (“North Mill”), a leading independent commercial equipment lessor located in Norwalk, Connecticut, announced today that the company achieved an all-time high in loan and lease fundings in July.  The record-breaking month saw funded volume reach nearly $18.5 million representing a growth rate of close to 24% over the same period last year. 

The company continues to ride a wave of success as just last month it reported record volume for the first half of 2020. “Despite the many challenges imposed by the global pandemic, the team at North Mill has worked harder than ever to help meet the needs of our broker partners and their customers,” said David C. Lee, Chairman and CEO.  “All departments are operating on high octane as each has stepped up to join the effort. It is through ongoing collaboration, a staunch commitment to do the right thing, and a genuine desire to succeed that has pushed us to a place we have never been.  I could not be prouder of this company and the people who make it great.”

As the company continues to diversify amongst equipment categories and stronger credit borrowers, weighted average FICO in July exceeded 715.  Transportation, which made up nearly 100% of the firm’s asset portfolio a few years ago, now accounts for well under 50% of funded volume with heavy duty sleeper trucks being less than 10%.  As the organization’s asset mix has expanded, so too has the number of referral agents interested in working with North Mill.  Each month continues to see more applications processed from equipment finance brokers looking to establish a relationship.

To accommodate additional growth, North Mill is pleased to announce the appointment of Robert Fanelle as a Broker Relationship Manager, reporting to the company’s VP of Customer Relations, Paul Cheslock.   His prior work experience managing brokers in a financial services setting is especially salient given that North Mill generates new business solely through third-party referral agents.  Mr. Fanelle began his career with Canon Financial Services as a dealer representative, eventually graduating to roles as branch manager for TD Bank in Oaklyn, NJ and for PNC Bank in Vorhees, NJ.  In 2015 he joined Marlin Business Bank where he established and grew broker relationships.  He is a graduate of the University of Delaware, with a BA in criminal justice.

Given its prolonged growth, North Mill moved its corporate office earlier this summer to a larger headquarters located at 601 Merritt 7, Suite 5, Norwalk, CT 06851. All email addresses and phone numbers remain the same.

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, medical, manufacturing, printing, 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.





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