North Mill Equipment Finance LLC, an independent commercial equipment lessor located in Norwalk, CT, announced 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 percent 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 percent of the firm’s asset portfolio a few years ago, now accounts for well under 50 percent of funded volume with heavy duty sleeper trucks being less than 10 percent. 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 announced the appointment of Robert Fanelle as a Broker Relationship Manager, reporting to the company’s Vice President 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. 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.