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North Mill Announces $353MM Term Securitization

October 17, 2022
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OCTOBER 14, 2022, NORWALK, CT – North Mill Equipment Finance LLC (“NMEF”) announced today the closing of its sixth commercial equipment backed securitization (ABS), NMEF Funding 2022-B (“NMEF 2022-B”). The $353MM transaction is North Mill’s 2nd ABS transaction this year, bringing the total privately placed bond proceeds raised this year to $724MM for the year. NMEF’s Capital Markets team has now raised $1.4B in bonds since inception. NMEF 2022-B featured fixed-rate asset backed securities across three classes of notes with the A note split into two tranches; an A-1 money market class, and a AAA/Aaa rated tranche by KBRA/Moody’s. This was NMEF’s first ABS issuance to be rated by Moody’s. It was also NMEF’s first transaction to include all investment grade tranches.

“The transaction was well-received by institutional investors with 31 unique investors, including 12 new investors in the NMEF shelf, making it NMEF’s largest ABS investor base of all time. We attribute this to the addition of a big-three rating agency with a 4% base case cumulative net loss assumption as well as a reduction of the base case loss assumption from KBRA from 6.1% – 6.6% on our last transaction down to 4.79% on NMEF 2022-B,” said North Mill’s President and Chief Operating Officer, Mark Bonanno.

Pier Snider, NMEF’s Chief Financial Officer added, “The transaction includes a $101MM 3-month post-close prefunding period that gives NMEF a fixed cost of funds for 4th quarter originations in a rising rate environment.”

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 InterVest Capital Partners, Inc. (FKA Wafra Capital Partners Inc.). 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.

Dedicated Adds to its Senior Leadership

September 26, 2022
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Dedicated GBCDedicated Financial GBC today announced that Sarah Kelly has joined the company as its Director of Servicing. With over a decade of experience in the equipment leasing and finance industry, Sarah will spearhead the expansion of Dedicated’s servicing business. Using her extensive systems and technology project management skills, Sarah will focus on developing an industry-leading, cradle-to-grave experience for Dedicated’s servicing clients.

Sarah’s extensive experience includes positions at KLC Financial, K2 Capital, and–most recently–KSK Consulting.

“Sarah is a commercial finance industry veteran,” said Shawn Smith. “Heck, she was raised in commercial finance, so it’s in her blood. That, combined with her passion and excitement for giving back to those in need, makes her a perfect fit to head up our growing servicing division, and we are truly excited and thankful to have her on board!”

The Merchant Marketplace Announces Its New Launch with Industry Powerhouse Executive

September 19, 2022
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CEO Adam Schwartz and Strategic Partner Kevin Harrington are committed to helping businesses grow by providing access to capital

Merchant Marketplace TeamBALDWIN, NEW YORK SEPTEMBER 19, 2022 – The Merchant Marketplace, a leading fintech platform provider of direct financing to small and midsize businesses, announced today the launch of its new leadership with backing from industry powerhouse executives. The company’s new leadership team brings over 75 years of collective financial, technology, and business experience within its core leadership group: Adam Schwartz as CEO and Kevin Harrington, the Original Shark Tank Investor, will serve as a Strategic Partner. This partnership will revolutionize how merchants and independent sales organizations (ISO’s) obtain capital for growing their merchant’s businesses, changing the game for entrepreneurs throughout the United States.

“We are looking to change the industry by using a true fintech platform to facilitate transactions amongst ISO’s, merchants, and the Merchant Marketplace,” said Merchant Marketplace CEO Adam Schwartz. “We understand the challenges many small business owners face when trying to secure financing to help make their dreams a reality. The Merchant Marketplace is happy to be a resource for entrepreneurs by providing them access to capital so they can build a successful business.”

The Merchant Marketplace created a proprietary syndication platform that offers real time data and full transparency. In most instances, the company will offer ISO’s a two percent syndication as bonus for every deal that it funds, with the ability to syndicate more funding if needed. ISO’s can earn another stream of income by being vested in every deal they fund with the Merchant Marketplace, as well as earn a referral fee. The platform also offers a profit-sharing program and technology tutorials to show ISO’s how to engage with the platform to help achieve the best end results.

The Merchant Marketplace

“The merchant cash advance market has been witnessing an escalation in growth over the past few years with the help of innovation. Our technology integrates with over 25 different third parties to give us complete insights into our merchants, giving us the ability to make offers with lightning speed and efficiency. We understand the needs of our clients and we want them to be part of the process. We do not want to be seen as just another funder; we want to be seen as a business partner for our ISO’s,” said Merchant Marketplace Director of ISO Relations, Justin Strull.

For questions on the service and to sign up as an ISO, contact Justin Strull at 516-980-4932 or email in to justin@merchantmarketplace.com

About Kevin Harrington

As an original “shark” on the hit TV show Shark Tank, the creator of the infomercial, pioneer of the As Seen on TV brand, and co-founding board member of the Entrepreneur’s Organization, Kevin Harrington has pushed past all the questions and excuses to repeatedly enjoy 100X success. His legendary work behind the scenes of business ventures has produced more than $5 billion in global sales, the launch of more than 500 products, and the making of dozens of millionaires. He’s launched massively successful products like The Food Saver, Ginsu Knives, The Great Wok of China, The Flying Lure, and many more. He has worked with amazing celebrities turned entrepreneurs including, Billie Mays, Tony Little, Jack LaLanne, and George Foreman to name a few. Kevin’s been called the Entrepreneur’s Entrepreneur and the Entrepreneur Answer Man, because he knows the challenges unique to start-ups and he has a special passion for helping entrepreneurs succeed.

North Mill Hits $1 Billion in Originations on Anniversary of Recapitalization

August 1, 2022
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AUGUST 1, 2022, NORWALK, CT – North Mill Equipment Finance LLC (“NMEF”), a leading independent commercial equipment lessor headquartered in Norwalk, Connecticut, announced today that the company crossed the $1 billion mark in total originations since its recapitalization by an affiliate of Wafra Capital Partners, Inc. (WCP).

Four years ago this month, North Mill was acquired by WCP, a New York based SEC-registered investment adviser that manages or advises funds and accounts that invest in specialty finance, rental and leasing platforms. “They’ve been an extraordinary partner, supporting our growth strategy every step of the way,” said David C. Lee, Chairman and CEO for North Mill. “The fact that we’ve reached one billion in volume in four short years, on our anniversary date, is a testament to their collaboration along with the passion, dedication and hard work espoused by the entire team at North Mill.”

Since the recapitalization, North Mill has undergone a major transformation, graduating from a niche-lender that focused on challenged credits in the transportation sector to a multi-faceted provider of financial solutions spanning the A to C credit markets. The company now finances assets ranging in diversity from construction and medical equipment to major franchises such as Dunkin Donuts, Subway and Burger King. Expanded operations have necessitated the opening of regional offices in multiple locations across the nation.

North Mill’s leadership team has reworked every facet of the organization by investing in the technology and funding and marketing infrastructure necessary to originate new business exclusively through the third-party channel. The company has consistently reported record-breaking headlines the last few years, most recently declaring an all-time high for the second quarter of 2022 as organic originations surged to $146.6M, up 34% from the first quarter. Just last month, North Mill made another major announcement as the company introduced a simpler pricing scheme, imparting a level of transparency and connectivity between the organization’s buy rates and credit parameters. The enhancement makes it much easier for referral partners to determine borrower eligibility and to identify the potential buy rate at which a deal will likely price.

About NMEF

NMEF 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. NMEF is majority owned by an affiliate of WAFRA Capital Partners, Inc. (WCP). Headquartered in Norwalk, CT, NMEF has regional offices in Irvine, CA, Dover, NH, Voorhees NJ, and Murray, UT. For more information, visit www.nmef.com.

North Mill Enhances Rate Card Program

July 18, 2022
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North MillJULY 18, 2022, NORWALK, CT – North Mill Equipment Finance LLC (“NMEF”), a leading independent commercial equipment lessor headquartered in Norwalk, Connecticut, announced that the company has implemented major enhancements to its pricing scheme, simplifying its buy rate structure and connecting each price point directly to the credit parameters company analysts use to assess each transaction.

The upgrades provide a decisive benefit to the hundreds of referral agents with whom NMEF partners. Brokers can now identify the credit variables NMEF reviews when analyzing a deal. As such, they can determine readily whether a borrower’s credit background matches the parameters associated with a particular buy rate outlined on the new price cards. Moreover, the revised pricing is configured in a “waterfall” format. If a borrower does not meet all the credit requirements outlined in one price panel, the transaction will generally flow to the next price panel, and so on.

“The feedback we receive from our broker partners often provides the blueprint for change,” said Paul Cheslock, Vice President, Customer Relations, North Mill. “As a lender that remains totally committed to the third-party channel, we take the recommendations we receive from referral agents very seriously. In this case, imparting a level of transparency and connectivity between our pricing and credit review methodology was cited as an opportunity. They spoke, we listened.”

The new pricing scheme comprises two sets of rate classifications based on equipment type. One class includes buy rates for most of the equipment that NMEF will consider financing while the other class is designed solely for heavy duty Class 8 sleeper trucks, logging equipment, and printers. Additionally, the cards have rates for borrowers with better credit backgrounds and more time in business vs. those with more challenged credit histories and/or less business experience. For questions on North Mill’s rate card program, please contact Don Cosenza at (203) 354-1710 or dcosenza@nmef.com.

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.

Fundworks Completes $30.0 million Investment Grade Notes Offering

May 17, 2022
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VAN NUYS, CA. MAY 17, 2022: The Fundworks, LLC, a leading a tech-enabled small business finance company, announced today the closing of $30.0 million of Senior Secured Notes to a group of institutional investors. This transaction refinanced the Company’s existing $20.0 million of Senior Secured Notes and provides substantial excess capital to fund the continued growth of its small business funding platform.

“We are very pleased to announce this financing, which will allow us to continue our growth this year after record-setting funding volumes in 2021,“ said Co-Founder and Chief Executive Officer, Evan Smiedt. “This additional capital positions The Fundworks to continue its mission to provide growth capital to small businesses nationwide.”

“Given current volatile markets, we are particularly pleased with the continued support of holders of our previous Note issuance, as well as the participation of new investors in the transaction,“ said Bradley Smiedt, Co-Founder and Chairman.

Brean Capital, LLC served as the Company’s Exclusive Financial Advisor and Placement Agent on the transaction.

About The Fundworks:

The Fundworks is a tech-enabled finance platform providing working capital solutions to merchants to grow their businesses, take advantage of short-term opportunities and fund seasonal business fluctuations. The Company’s proprietary technology platform makes the opaque, time-consuming process of obtaining capital simple, fast and reliable. Since inception, Fundworks has funded more than $425 million to over 8,100 small businesses throughout the United States. The Company is headquartered in Van Nuys, CA.

For more information, please visit: http://www.thefundworks.com

For more information/ questions/ interview requests / media inquiries, please contact:
Evan Smiedt

Email: info@thefundworks.com | Phone: (844) 644-FUND

BROKER FAIR IS BACK! – NYC

May 2, 2022
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Broker Fair 2022 - New York Marriott MarquisBroker Fair is coming back to New York City on October 24th at the New York Marriott Marquis in Times Square. Anticipated to be the biggest Broker Fair ever, brokers from the small business lending, commercial financing, revenue-based financing, leasing, factoring, and MCA industries, will come together in the heart of New York.

“It’s amazing to have participated in the industry’s growth over the last four years,” said Broker Fair founder Sean Murray. “Our first event launched in Brooklyn in 2018 and now the demand has brought us into a massive newly-renovated venue in the middle of Times Square.”

Brokers, lenders, funders, factors, equipment financiers, fintechs, and the whole small business finance ecosystem can expect a full day of education, inspiration, and high quality networking opportunities.

Register here. For inquiries or questions, email events@debanked.com.

See last year’s sizzle reel:

Maxim Commercial Capital Reports Strong Performance During Q1 2022

April 13, 2022
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Hard-asset based lender funded better credits, real estate secured cash-out financings

Maxim Commercial CapitalLOS ANGELES, CALIF. (Apr. 13, 2022) – Maxim Commercial Capital (“Maxim”) reported strong results for the first quarter of 2022. The company kicked off the year with record low delinquencies, increased fundings to better credits, and strong demand for cash-out financings secured by real estate and equipment.

“As a closely-held company, we have the luxury of pivoting our business strategy real-time based on market conditions,” said Michael Kianmahd, Executive Vice President. “This benefitted us during the pandemic and continues to serve us and our borrowers during today’s volatile global economic conditions. We continue to invest in our operating infrastructure and are seeking to fill a few key positions.”

Maxim onboarded 40 new finance broker relationships during the first quarter. The lender’s team educated finance brokers on ways to expand their businesses through webinars and the byline article recently published by the AACFB, “Equipment Finance Brokers – Don’t Limit Opportunity! Ask about Real Estate Assets.

Cash out financings funded during the first quarter include a $340,000 loan to a growing environmental consulting business in New Jersey secured by first liens on the business owners’ primary residence, a rental property purchased with the financing, and business FF&E. An established general contractor and real estate investor in Chicago experiencing customer collections problems borrowed $218,000 from Maxim secured by a first lien on an investment property and second lines on two residential income properties. He used the funds to refinance an expensive MCA loan, complete renovations of an investment property, improve rental properties, and bring a mortgage current.

With continuing record high class 8 truck prices, Maxim loosened credit standards for certain customer categories during the first quarter. Representative truck purchase transactions included a 2019 Peterbilt 579 purchased for $115,692 by a non-CDL owner of two trucks and two years’ time-in-business; a low mileage 2016 Kenworth T800 purchased for $107,283 by a start-up owner-operator homeowner with a 628 FICO and strong bank statements; and a $108,000 2018 Peterbilt 579 replacement truck for an owner-operator with a 766 FICO who appreciated Maxim’s early payoff option.

“Thanks to our diligent team, we exceeded our expectations during the pandemic and are experiencing strong profitability and record low losses,” said Behzad Kianmahd, Chairman and CEO. “We are well-prepared to withstand the continuing global economic crises but hoping for a return to peace in Europe and beyond.”

About Maxim Commercial Capital

Maxim Commercial Capital helps small and mid-sized business owners seize opportunity by providing financing in amounts from $10,000 to $3,000,000 secured by heavy equipment and real estate. Maxim facilitates equipment purchases, provides working capital, and refinances debt for companies across all industries located nationwide. As a leading provider of transportation equipment finance, Maxim funds up to 75% of the acquisition cost of class 8 and class 6 trucks, trailers and reefers for owner-operators and small businesses. Learn more at www.maximcc.com or by calling 877-776-2946.

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Contact:

Michael Kianmahd
Maxim Commercial Capital
michael@maximcc.com
(213) 984-2727