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North Mill EF: November Originations Hit All-Time High

December 03, 2020, 07:20 AM
Filed Under: Industry News

North Mill Equipment Finance LLC, an independent commercial equipment lessor located in Norwalk, CT, announced the company reached an all-time high in monthly loan and lease originations in November. The record-breaking month saw funded volume climb to nearly $19 million, representing a growth rate of approximately 70 percent over the same period last year.
“The new watermark in volume was especially gratifying given the number of business days in November is shortened by the extended Thanksgiving weekend holiday and Veteran’s Day,” said David C. Lee, North Mill’s Chairman and CEO.  A key factor contributing to the success, according to Lee, is the company’s commitment to asset diversification and emphasis on stronger credit borrowers. “Our weighted average FICO in November exceeded 719, up 21 points from last year. Plus, titled 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,” he said.

The company’s average deal size also shot up, surpassing $84,000, up 23 percent from November of 2019 while the number of funded transactions also rose by 38 percent from last year. As the organization’s key financial metrics have soared, so too has the number of referral agents interested in working with North Mill. The company continues to see more and more equipment finance brokers interested in establishing relations.

“Despite the many challenges imposed by the global pandemic, the team at North Mill is working harder than ever to help meet the needs of our broker partners and their customers,” Lee said. “As always, we remain exclusively committed to our referral partners.”

North Mill Equipment Finance originates and services small-ticket equipment leases and loans, ranging from $15,000 to $300,000 in value. North Mill is majority owned by an affiliate of Wafra Capital Partners, Inc.

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