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North Mill EF Originations Reach All-Time High in Q3

October 07, 2020, 07:25 AM
Filed Under: Industry News

North Mill Equipment Finance LLC, an independent commercial equipment lender, announced 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 percent 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,” said 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 percent 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 percent reliant upon our referral partners. They represent our sales force 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.

Headquartered in Norwalk, CT, 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.

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