North Mill Hits New Record in 2020 as Q3 Originations Reach All-Time High
DATE: October 5, 2020 – FOR IMMEDIATE RELEASE
CONTACT: Don Cosenza, SVP, Chief Marketing Officer
PHONE: (203) 354-1710
October 5, 2020, NORWALK, CT – North Mill Equipment Finance LLC (“North Mill”), a leading independent commercial equipment lender, announced today that the company posted record originations for the third quarter of 2020, the best three months in the firm’s history. Representing a growth rate of approximately 15% over the same period last year, funded volume for the quarter came in at just under $50 million.
“North Mill has emerged stronger on the other side of this tragic pandemic,” explained David C. Lee, Chairman and CEO of North Mill. The organization’s ability to pivot and meet changing needs in a precarious market is paying off. At the close of the third quarter, North Mill’s number of funded transactions increased by about 20% from the same period the year prior, and weighted average FICO improved to 720, all while maintaining our yield targets and industry diversification goals.
While part of the growth in 2020 is attributed to other lenders reducing their activity in the market, North Mill’s unwavering commitment to its referral partners has had a resounding effect. “Our strategy has been and continues to be 100% reliant upon our referral partners. They represent our salesforce and we consider them members of the team. The relationship brokers forge with their vendors and borrowers is sacred. We would never breach that bond by soliciting their customers or circumventing our brokers in any way,” he said.
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 firm handles A – C credit qualities and finances transactions for numerous asset categories including construction, transportation, vocational, medical, manufacturing, printing, franchises 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.