NORTH MILL

This is a search result page






Related Headlines

04/04/2022North Mill originated $109M in Q1
03/11/2022North Mill announced new logo
03/04/2022North Mill announces largest securitization
01/10/2022North Mill reports 2021 was its best year
10/14/2021North Mill breaks internal funding record



Stories

North Mill Equipment Finance Originated $109M in Q1

April 4, 2022
Article by:

APRIL 4, 2022, NORWALK, CT – North Mill Equipment Finance LLC (“NMEF”), a leading independent commercial equipment lessor headquartered in Norwalk, Connecticut, announced today that first quarter loan and lease originations reached an all-time high of $109M, up 99% from the same period last year. Originations for the month of March represent a new pinnacle as funded volume surpassed $49 million, eclipsing the December 2021 originations high of $36 million.

“I could not be prouder of the energy, dedication, and collaboration that the team at NMEF displays each and every day.” said NMEF Chairman and CEO, David C. Lee. “We were able to double our funded volume in one year with only a 33% increase in headcount while achieving greater asset and industry diversity and maintaining yields without sacrificing credit quality as evidenced by a weighted average guarantor FICO of 716.”

According to Mark Bonanno, NMEF’s President and COO, “our exclusive commitment to the broker channel remains steadfast. By deepening our strategic relationships with key referral partners, we were able to substantially improve our efficiency and service levels, allowing us to double funded volume while processing nearly the same number of applications as the prior year. Discounting relationships now represent over a third of our funded volume.”

About North Mill Equipment Finance

North Mill Equipment Finance originates and services small to mid-ticket equipment leases and loans, ranging from $15,000 to $1,000,000 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, printing, franchise, renovation, janitorial and material handling equipment. North Mill is majority owned by an affiliate of WAFRA Capital Partners, Inc. (WCP). The company’s headquarters is in Norwalk, CT, with regional offices in Irvine, CA, Dover, NH, Voorhees NJ, and Murray, UT. For more information, visit www.nmef.com.

North Mill Refreshes Brand, Introduces New Company Logo

March 11, 2022
Article by:

North MillMARCH 11, 2022, NORWALK, CT – North Mill Equipment Finance LLC (“NMEF”), a leading mid-ticket equipment finance lender headquartered in Norwalk, Connecticut, has launched a new company logo in support of the ongoing evolution and record growth of the organization.

The brand refresh is timely as North Mill has undergone a major transformation since 2018 that has enhanced virtually every aspect of the business. A few years ago, North Mill was a small ticket lender that focused on challenged credits in the OTR space. While transportation remains a key asset category for the company, North Mill has experienced exponential growth and is now a half-billion dollar, mid-ticket finance lender that services customers in the A to C credit range and accommodates multiple asset categories ranging from construction to franchises.

One thing has remained constant: the company’s commitment to the referral agent community. North Mill’s distribution channel is limited to equipment finance brokers only. The exclusive relationship has proven pivotal to the company’s success and therefore foundational to the brand refresh. The existing logo includes a compass embedded in the company name. North Mill’s leadership team decided to keep the compass as a primary element of the new logo given the significance it represents. The word “compass” stems from Latin words meaning “to travel” or “step together.” “What better way to signify the synergistic relationship between our company and the referral agents with whom we rely on and partner with each day,” said North Mill’s CEO, David Lee, speaking of the symbolic nature of the compass.

The new logo is rendered with just the first letters of the company’s official name: North Mill Equipment Finance. Other brands have assumed the same naming convention given that acronyms and/or letters are often easier to remember and more memorable such as KPMG, BASF and HSBC.

About North Mill Equipment Finance

North Mill Equipment Finance originates and services small to mid-ticket equipment leases and loans, ranging from $15,000 to $1,000,000 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, printing, franchise, renovation, janitorial and material handling equipment. North Mill is majority owned by an affiliate of WAFRA Capital Partners, Inc. (WCP). The company’s headquarters is in Norwalk, CT, with regional offices in Irvine, CA, Dover, NH, Voorhees NJ, and Murray, UT. For more information, visit www.nmef.com.

North Mill Announces Pricing of Largest Securitization Ever at $371M

March 4, 2022
Article by:

North Mill Equipment FinanceMARCH 4, 2022 – NORWALK, CT – North Mill Equipment Finance LLC (“NMEF”) announced today the closing of its fifth commercial equipment backed securitization (ABS), NMEF Funding 2022-A (“NMEF 2022-A”). The $371,070,000 transaction represents North Mill’s largest ABS issuance to date, surpassing its $236,588,000 ABS issuance in March 2021. The transaction was well-received by institutional investors despite being in the market during a period of heightened macroeconomic volatility, pricing on the day of Russia’s invasion into Ukraine. North Mill had no investors drop their order post announcement of the invasion, and ultimately priced at a WAL-adjusted spread of 1.54%. The transaction featured twenty-three investors, eight of whom were first time investors in NMEF.

NMEF 2022-A featured five tranches of notes, achieving an 88.35% advance rate through the Class D note. The Transaction was rated by Kroll Bond Rating Agency, Inc. (“KBRA”), who assigned a lower base case rating agency loss assumption for NMEF 2022-A vs. the company’s preceding issuance (“NMEF 2021-A”), permitting North Mill to achieve higher proceeds through the capital stack (88.35% in NMEF 2022-A vs. 86.03% in NMEF 2021-A). The $371.1MM transaction was backed by $420MM in equipment loan and lease contracts, $72MM of which will be contributed via a 3-month prefunding period post-close.

“I’m extremely proud of the team’s execution on this transaction, especially during such a challenging macro-economic environment and geopolitical discord,” said North Mill’s President and Chief Operating Officer, Mark Bonanno. “The base case loss assumption assigned to this transaction by the rating agency was 115bps lower than our 2021 ABS transaction which is a testament to the quality of North Mill’s underwriting and servicing model and a validation of our business strategy of targeting higher credit quality obligors, diversified equipment and industry types, and a refined list of third-party originators with whom we partner to offer financing solutions.”
Truist Securities, Inc. served as sole book runner for the transaction.

About North Mill Equipment Finance

North Mill Equipment Finance originates and services small to mid-ticket equipment leases and loans, ranging from $15,000 to $1,000,000 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, printing, franchise, renovation, janitorial and material handling equipment. North Mill is majority owned by an affiliate of WAFRA Capital Partners, Inc. (WCP). The company’s headquarters is in Norwalk, CT, with regional offices in Irvine, CA, Dover, NH, Voorhees NJ, and Murray, UT. For more information, visit www.nmef.com.

North Mill Reports 2021 as Best Year in Company’s History

January 10, 2022
Article by:

JANUARY 6, 2022, NORWALK, CT – North Mill Equipment Finance LLC (“NMEF”), a Monitor 100 commercial equipment lender headquartered in Norwalk, Connecticut, announced today that 2021 was the best year in the company’s six decades-long history. Organic originations reached an all-time high and delinquencies hit an all-time low.

“Although 2021 posed many challenges, it turned out to be an extraordinarily successful year as our key performance indicators skyrocketed across the board,” said David C. Lee, Chairman and CEO, North Mill. “In the last three years, North Mill has burgeoned into a premium lender that has established a proven track record of innovation, execution, and operational excellence. Most notably, the partnerships that we’ve forged with our referral partners has allowed us to attain a level of success never before realized at this company.”

According to Pier Snider, EVP, CFO, “NMEF’s annual volume for 2021 increased 69% over prior year to $309M. The number of submitted applications rose to more than 19k, representing a 13% increase over 2020 submissions. Demonstrating an improvement in both efficiency and quality, the company funded 3.6K of those deals, a 51% increase year-over-year. Weighted average FICO shot up 5 points to 718, the highest score in the company’s history, while average deal size rose by more than $9k per transaction to hit an all-time high of $87K.” The company’s average yield remained north of 14% even with the higher average credit quality borrowers.

While annual indicators exceeded expectations, quarterly and monthly figures were also record-breaking. The fourth quarter of 2021 was exceptionally noteworthy as it, too, exemplifies the progression in the organization’s efficiency. NMEF experienced a 95% increase in volume in the 4Q 2021 vs the same period in 2020 while processing the same number of applications during the two periods. Moreover, December saw yet another new record funding volume level of $36.3M, a year-over-year increase of 83% while weighted average FICO increased to 730.

North Mill opened three new regional offices in 2021. An office in Irvine, CA was opened to better service larger referral partners for the company’s discounting programs while an office in Vorhees, NJ was established to leverage NMEF’s expanding workforce on the east coast near the Philadelphia metropolitan area. NMEF’s acquisition of Aztec Financial in September added an office in Murray, UT.

About North Mill Equipment Finance

North Mill Equipment Finance, a Monitor 100 company, originates and services small to mid-ticket equipment leases and loans, ranging from $15,000 to $1,000,000 in value. A broker-centric private lender, the company handles A – C credit qualities and finances transactions for a wide variety of asset categories including construction, transportation, vocational, medical, manufacturing, printing, franchise, renovation, janitorial and material handling equipment. North Mill is majority owned by an affiliate of WAFRA Capital Partners, Inc. (WCP). The company’s headquarters is in Norwalk, CT, with regional offices in Irvine, CA, Dover, NH, Voorhees NJ, and Murray, UT. For more information, visit www.nmef.com.

North Mill Equipment Finance Hit All-Time Quarterly Loan/Lease Originations Record

October 14, 2021
Article by:

growthNorth Mill Equipment Finance just had its best quarter in 60 years. The company originated $129.1M in Q3. That was up from the record set the previous quarter of $120M.

Contributing to the company’s growth rate is the recent joint acquisition of 100% of the stock of parent company Aztec Financial, LLC.

“This has been an exceptional year,” said David C. Lee, Chairman and CEO, North Mill. “In addition to introducing a new category of equipment through the acquisition of Aztec, we recently purchased a $50.3 million portfolio of seasoned truck and trailer leases to help diversify our portfolio even further.”

The company is on pace to surpass $400M in originations in 2021.

North Mill Restructures Working Capital Solution and Expands Customer Benefits

April 12, 2021
Article by:

NORWALK, CT – North Mill Equipment Finance LLC (“North Mill”), a leading independent commercial equipment lessor providing small-ticket financing through its network of referral agents, announced today that it has restructured its working capital solution to make it more competitive with other, less cost-effective options on the market.

The financing arrangement, called “Cash Out,” allows a customer to borrow the equity of paid-up business equipment and channel the proceeds back into the company. Although similar in concept to a sale leaseback, Cash Out is structured as a loan. It delivers a well-deserved reprieve for borrowers looking for a less expensive alternative to finance day-to-day operating expenses.

“There are many ways a company can obtain working capital,” explained Paul Cheslock, VP of Customer Relations, North Mill. “Some of the more common include a merchant cash advance (MCA), a revolving line of credit and accounts receivable factoring. And while they all fill the same need, they are not created equal. Cash Out in particular offers a long list of customer benefits including better rates, monthly vs. weekly payments, and terms up to 60 months. It’s a powerful tool for our referral agent partners looking to grow their customer base.”

According to Cheslock, the product’s loan-to-value ratio was restructured to enable customers to borrow a larger percentage of equity from an unencumbered asset. One of the most significant advantages of Cash Out is that it includes an early pay-off feature. Customers can pay off the loan without premium or penalty after 18 consecutive, on-time payments — a benefit that other products simply do not offer.

“The product is simple and straightforward. There are no fees tied to accounts receivable, invoices, or credit card sales,” said Cheslock. “What’s more, the equipment that’s used for the loan stays put on site, so business operations remain uninterrupted. And if that were not enough, the borrower retains title.”

For more on Cash Out and other financial solutions from North Mill, register for the company’s upcoming webinar “Meet North Mill and Its Financial Solutions” on Tuesday, April 27, 2021 at 3:00 pm EST.

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 company handles A – C credit qualities and finances transactions for numerous asset categories including, but not limited to, construction, transportation, vocational, healthcare, manufacturing, printing, franchise opportunities and material handling equipment. North Mill is majority owned by an affiliate of Wafra Capital Partners, Inc. (WCP). For more information, visit NMEF.com.

###

CONTACT: Don Cosenza, SVP, Chief Marketing Officer
PHONE: (203) 354-1710
EMAIL: dcosenza@nmef.com

North Mill Continues Record-Setting Trajectory as March Volume Hits All-Time High

April 2, 2021
Article by:

North Mill Press Release

NORWALK, CT – North Mill Equipment Finance LLC (“North Mill”), a leading independent commercial equipment lessor providing small-ticket financing through its network of referral agents, announced today that the company reached an all-time high in monthly loan and lease originations in March. Funded volume surged to more than $24 million, a growth rate of 53% from last March and an increase of 22% from the company’s previous high-water mark last December.

“We’re firing on all cylinders,” said David C. Lee, Chairman and CEO, North Mill. “We reported a record breaking year in 2020 and I anticipate that we’ll continue to see an upward trajectory as the economy opens up. First quarter volume topped $54 million, an increase of more than 18% from Q1 of last year while our weighted average FICO climbed an additional 9 points to 717.” Average deal size also hit a record for March, according to Lee, as it reached nearly $90k per transaction.

A strategic initiative that has had a resounding impact on North Mill’s success is its continued commitment to financing assets across an array of industries. Transportation, which made up nearly 100% of the firm’s asset portfolio a few years ago, now accounts for about 40% of funded volume. The company has expanded into many types of equipment including, but not limited to, construction, health care, franchise opportunities and livery.

As referral agents continue to turn to North Mill to obtain financing for their customers, the capital markets have also demonstrated confidence in the company. Last month, North Mill closed NMEF Funding 2021-A, its fourth commercial equipment backed securitization (ABS), its largest ever. The $236,588,000 ABS issuance was well received by institutional investors as evidenced by strong oversubscription levels across all tranches of notes. Capital was raised from a total of 23 investors, more than double the number from the company’s previous issuance (NMEF 2019-A).

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 company handles A – C credit qualities and finances transactions for numerous asset categories including, but not limited to, construction, transportation, vocational, healthcare, manufacturing, printing, franchise opportunities 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.

###

Clearco to Invest €100 Million into Digital-First Irish Businesses

April 6, 2022
Article by:

Dublin IrelandClearco, the world’s self-proclaimed largest e-commerce investor that provides revenue-based financing capital solutions to e-commerce businesses, is making yet another move. Directed by CEO Michele Romanow, a star in the hit TV show “Dragon’s Den,” Clearco recently announced that it will be introducing its product to Irish founders and entrepreneurs. Upon continuation to support the 15+ % growth predicted in the Irish economy in 2022, the company plans to put €100 million into digital-first Irish businesses.

An international sales and business development hub has been developed in Dublin. The Clearco team currently consists of 75 members with a plan of adding 125 employees in the future. This will support Clearco’s plan to grow in Europe, North America and Asia Pacific in 2022.

This year Clearco plans to expand its products and services within current European operations and into new key markets across the continent. This includes Western Europe, Central Europe and the Nordic region.

Clearco has invested over $3.2 billion globally into 7,000+ businesses across three continents. Ireland is the fourth international market for Clearco. To be able to serve as many founders as possible internationally, the creation and development of its sales and development team is key.

Romanow stated “Clearco is excited to bring our revenue-based funding model to Irish founders. Ireland has one of Europe’s strongest economies and a dynamic start-up sector. We are confident that we will have a meaningful impact on the Irish e-commerce economy. Clearco is excited to establish this International Sales hub in Ireland to support our growth in the EMEA region. We’re impressed by the talent and tech skills here and I look forward to building the team to serve our growing customer base.”

Businesses in all 50 states have been funded by Clearco within the US market. However, over half of the company’s funding goes to businesses outside of California, New York, Illinois and Massachusetts, which received about 70%. Clearco believes the same trends will be seen in the Irish marketplace as they hope to help fund traditionally underserved communities.



Found on DailyFunder:

08-21-2020

See Post...
north mill equipment finance , - nfs leasing, - maxim cc, , just to name a few aside from the go to's (finpac, plc, 360)...
09-20-2019

See Post...
north mill will not do a stand alone inventory deal., , noted, thank you for the information...
09-20-2019

See Post...
north mill, slim capital or axos, , gemcap and north mill will not do a stand alone inventory deal....