North Mill Sets New Monthly Origination Record in July

August 5, 2024, NORWALK, CT – North Mill Equipment Finance LLC (“NMEF”), a leading independent commercial equipment lessor headquartered in Norwalk, Connecticut, announced today that the company had a record-breaking month in July as funded volume surged to more than $56 million, an increase in loan and lease originations of 33% from the same period last year.

“We are firing on all cylinders and well poised to continue our growth trajectory,” said David C. Lee, Chairman and CEO, North Mill. “We have a strong capital base, a loyal and ever-expanding group of referral partners who consider NMEF their primary lender, and a diversified portfolio that helps us mitigate the economic woes that plague specific industries like the trucking sector.”

According to Lee, NMEF has been steadily rebalancing its book of business, providing its referral partners with more opportunities to finance a variety of equipment. “Historically, trucking related collateral, both local and long-haul, represented an average of 40% of our originations whereas today it embodies just 15% of what we finance,” he said. “Medical, franchise, and construction collectively now represent almost 60% of our funding volume.”  In another pivotal move to diversify, NMEF has grown its vendor program in partnership with referral partners, including banks, captives and other funding sources.  In addition to the high watermark in originations, the company’s weighted average FICO reached 735, weighted average yields are north of 13%, and submission approval rates are approaching 60%. 

While many equipment lenders have reduced or even ceased funding operations over the past year, NMEF has been selectively adding to its team.  Joining the company as an Assistant Vice President, Relationship Manager, is Mary E. Armstrong, CLFP who brings over twenty years of referral partner relationships while holding similar roles at Financial Pacific, Marlin, and Canon.  “We are very excited to welcome Mary to the NMEF family of companies,” said Paul Cheslock, VP of Customer Relations, NMEF. “Her reputation is stellar.  Brokers, customers, and colleagues alike have commented on her talent, innate sales ability, and professionalism.”  Ms. Armstrong reported “making the decision to join NMEF was not difficult.  For quite some time, I’ve been aware of NMEF’s reputation as a progressive leader and trailblazer.” 

Also joining NMEF is Zacchary Lee, Sr. Analyst, Corporate Development, who will assist the finance team with budgeting, portfolio analytics, and the execution of strategic initiatives.  An honors graduate of The Wharton School at the University of Pennsylvania, Mr. Lee brings 5 years of experience in financial services.

About North Mill Equipment Finance

NMEF originates and services small to mid-ticket equipment leases and loans, ranging from $15,000 to $2,500,000 in value.  A broker-centric private lender, the company accepts A – C credit qualities and finances transactions for many asset categories including construction, transportation, vocational, medical, manufacturing, technology, franchise, renovation, janitorial and material handling equipment.  NMEF is majority owned by an affiliate of InterVest Capital Partners.  The company’s headquarters are in Norwalk, CT, with regional offices in Irvine, CA, and Voorhees NJ.  For more information, visit www.nmef.com.  One of NMEF’s controlled affiliates, BriteCap Financial LLC, is a leading non-bank lender providing small businesses with fast, convenient financing alternatives such as working capital loans since 2003 from its main office in Las Vegas, NV.  For more information, visit www.britecap.com.