Articles by Press Release
DataMerch.com Surpasses 75,000 Records as Fraud Rises
March 21, 2022Tampa, March 21, 2022 /DeBanked/ — DataMerch.com, an online underwriting database for the alternative financing industry, announced they had surpassed 75,000 unique records in their database. The company that was founded in 2015 has grown to become an industry standard in up front application screening.
With an uptick in submissions and growing demand for working capital, fraud continues to rise. It is difficult to catch these files, but there are growing number of tools available to combat the issue. DataMerch is on the frontline of community reporting to avoid these files when possible.
“Our industry has come out of the pandemic strong and more and more funders are seeing the value in DataMerch,” said Co-Founder Scott Williams. “As the record count grows, hit rate and relevancy continue to rise for our members. We continue to see strong demand for this type of information for underwriting decisions.”
DataMerch leadership say they are focused on growing membership and record count moving forward. They also mentioned upcoming updates to the API to upgrade security, stability, and revise to a full 9-digit EIN search via API.
About DataMerch
DataMerch LLC was founded in 2015 to help funders in the alternative financing industry make informed underwriting decisions. DataMerch members can screen their applications using DataMerch’s specifically designed EIN search and contribute to the database by entering unsatisfactory businesses. DataMerch currently has over 140 industry-leading subscribed members working together as a community. DataMerch can be accessed at https://www.datamerch.com and contacted for membership at support@datamerch.com
North Mill Refreshes Brand, Introduces New Company Logo
March 11, 2022
MARCH 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.
Seacoast Business Funding Provides $14,500,000 in New Working Capital Lines
March 7, 2022
Boynton Beach, FL – March 4, 2022 – Seacoast Business Funding, secured $14,500,000 in accounts receivable facilities. The transactions added three new companies to the Seacoast portfolio.
- A $10,000,000 asset-based facility with A/R and Inventory, was provided to a sports medicine and therapeutic product manufacturer located in the Southeast. The Company will utilize the proceeds to increase its product line to existing retail supply chain as well as expand into medical supplies.
- A $2,500,000 factoring facility for an electrical supply distributor located in the Southeast. Increased demand as well as shipping delays has resulted in the need for an increased working capital line.
- A $2,000,000 ledgered invoice LOC for a software & hardware manufacturer. The Company was seeking to establish a reliable working capital partner to support demand and the expansion of a business line.
President of Seacoast Business Funding, Jay Atkins, commented, “We understand the financial needs affecting manufacturing and distribution industries in the current environment, and our ability to move quickly ensures our clients the structure needed to continue without disruption. We met the needs of our clients by providing flexible and sustainable solutions, placing them in a position to maintain momentum and mitigate operational instability.”
About Seacoast Business Funding
Seacoast Business Funding provides customized and timely working capital financing solutions to small and middle-market companies engaged mainly in business services, distribution, manufacturing and staffing with annual sales ranging from $1 million to $200 million. Credit facilities are in the form of Factoring, Invoice Purchasing or Asset-Based agreements. Seacoast Business Funding is a Division of Seacoast National Bank. Member FDIC. For more information visit SeacoastBusinessFunding.com.
Media Contact:
Brooke Ruben
Seacoast Business Funding
561.623.1871
Brooke.Ruben@seacoastbf.com
North Mill Announces Pricing of Largest Securitization Ever at $371M
March 4, 2022
MARCH 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.
Velocity Capital Group (VCG) Secures New $50 Million Credit Facility
February 14, 2022
CEDARHURST, NEW YORK—FEBRUARY 14, 2022– Velocity Capital Group (VCG), a leading provider of same-day capital advances to small businesses, has secured a multi-draw term funding line of credit with Arena Investors, LP, a global institutional alternative asset manager. The line of credit will provide VCG with borrowing capacity up to $50 million and deep pool of capital from which to expand its business, further strengthening VCG’s ability to provide funding for small business merchants. Though the name VCG may be new to some, the company is no stranger to alternative finance. Eleven years of experience in the space with over 25,000 funded clients has helped their team understand what merchants need most during the funding process, primarily trustworthiness and speed.
Since VCG’s inception, CEO/Principal Jay Avigdor has made it his mission to provide an efficient and flexible funding experience and product for merchants. “We’re setting new strides for speed and service every year. 2022 is going to be even more impactful for VCG and our stakeholders!” said an enthused Jay Avigdor. “We have a big opportunity for us this year to build on last year’s initiatives. This line will give us the wings we truly need to fly! Giving us the ability to fund larger deals and provide longer terms.” said Jay. The previous year, VCG made news by switching to their own internally developed processing software for deal applications called Drag-in. The software pulls critical data from VCG’s applications to conduct all necessary screenings via API, then uploads that data to their CRM with the click of a button. Drag-in gives VCG the ability to provide offers within minutes rather than hours, giving them a leg up on the industry. Stakeholders have been thrilled with the improved response time on their deals. Drag-in is Currently working on a beta version to provide multiple other industries.
Speed isn’t the VCG’s only focus. “Merchants and ISOs alike deserve to have more control of the capital they’re provided,” Jay added. In August 2021, Velocity Capital Group began offering ISOs and Merchants the option to receive their capital in a Cryptocurrency. Primarily sent through as stable coins (USDC, DAI, USDT). “Due to the cut-off times within which banks have to operate, they can become a bottleneck for our transactions. The opportunity for providing capital in Crypto couldn’t have come at a better time,” said Jay. Available to transfer during all times of the day, funding in Cryptocurrency was added as an option for how Merchants & ISOs receive capital.
“We are excited to facilitate VCG’s activities in small business finance at a time when there are limited options and great needs for capital, and where VCG can provide that capital without unduly burdening merchants receiving it. This transaction fits well with Arena’s broader mission to provide flexible, scalable funding solutions for companies and ideas which have unique growth or liquidity needs. We look forward to working with Jay and his team,” said Victor Dupont, who leads Arena’s investments in the SME sector.
The new line of credit gives steady rails for Velocity Capital Group to continue growing and funding at a significant rate into 2023. “We anticipate we will do north of 150M in funding this year with our current deal flow and this new line. We can provide well-needed cash during these troubling times to small businesses and fuel their success while growing ours as well. We can help small businesses access funding like never before in company history. Through implementing Drag-in, this new credit line with Arena, and with our amazing loyal employees and brokers, the sky is only the limit! ” remarked Jay.
About Velocity Capital Group
Velocity Capital Group helps small businesses all over the United States access capital at incredible speeds. Our team has serviced over 25,000 clients in under 11 years. We’ve grown our business to great heights by focusing on speed, efficiency, and transparency.
About Arena Investors, LP
Arena Investors is an institutional asset manager founded in partnership with The Westaim Corporation (TSXV: WED). With $2.8 billion of committed assets under management as of January 1, 2022, and a team of over 100 employees in six offices globally, Arena provides creative solutions for those seeking capital in special situations. The firm brings individuals with decades of experience, a track record of comfort with complexity, the ability to deliver within time constraints, and the flexibility to engage in transactions that cannot be addressed by banks and other conventional financial institutions. See www.arenaco.com for more information.
Velocity Capital Group Specializes in Funding
Up to $1 Million Same-Day thru MCA (1st thru 4th Positions), Reverse Consolidations, & Consolidations
NEW ISOs Sign up to Fund with Velocity Here
We’re Hiring – Join one of the fastest-growing companies in the industry!
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North Mill Reports 2021 as Best Year in Company’s History
January 10, 2022JANUARY 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.
Centrex Software Announces New Relationship Building Technology at Broker Fair 2021
December 22, 2021Costa Mesa, CA— Finance technology (FinTech) in the traditional and alternative business finance industry is seeing a massive enhancement with the release of new technology from Centrex Software.
Centrex Software, a dedicated business lending CRM and loan/advance servicing software platform that brings multiple technologies all under one roof for direct funders, brokers, and investors, experienced 22% growth from 2019 to 2020 and 35% growth from 2020 to 2021, during a global pandemic. With that growth has come quite a bit of new thinking out of the Centrex Software management team.
When it comes to the business lending space, FinTech companies spend huge amounts of time focused on how to drive more users into their software. This strategy makes sense as it is what a large operating software company is required to focus on to generate revenue. “But what about our customers’ customers? What if we spent more time focused on driving our customers’ customers not to our software, but to our customers’ software? In our business, we fail if our customers can’t engage, retain, and sell to their customers. We want that relationship to thrive and grow so we have built technology to aid that,” says Trey Markel, Senior Software Specialist with Centrex.
In realizing there was a tech need for this new way of thinking, Centrex Software built a mobile app that is white labeled to Centrex Software customers so they can offer more relationship retaining and building solutions to their customers. Keith Nason, President at Velocity Funding Group, and a Centrex Software customer, explains, “Trey, Michael and the Centrex team are going to put my brand in the pockets of every single one of my customers. It was an entirely new strategy that you simply don’t see from other software companies, and it should create customer engagement like we have never seen before.” The new white labeled mobile app has a few features that will really put your marketing hat on. First, the white labeled app is fully integrated with Plaid so that pre- and post-funding, Centrex clients can actually link their banks accounts and manage their finances. On top of that, Centrex Software has an admin portal where Centrex clients can manage all their app users. One of the best parts is that, in the admin portal, Centrex clients will have the ability to send push notifications to smart watches and to mobile devices that can communicate to the end mobile app user. Plus, there are several other features that keep mobile app users engaged with Centrex clients and the broker partner via the mobile app.
In the same spirit of engaging more efficiently with customers, the Centrex team also built a WordPress plugin that allows its customers to build “Smart Applications” right on their website. Michael Lindsey, also a Senior Software Specialist with Centrex expressed, “Our clients need more tools that are forward facing to their customers to help make faster decisions and offer a better more automated experience.” Taking the automated application process a bit further, Centrex integrated the WordPress plugin with Universal Credit Services to pull and analyze credit data, and Plaid to pull and analyze financial data. This allows Centrex Software customers to automatically underwrite and create offers right on their website. The WordPress plugin will communicate all info and decisions into Centrex Software during each step of the process. Lastly, for those Centrex Software customers using both the WordPress plugin and the white labeled mobile app, once an application is completed by the business borrower on a Centrex Software customers website, it will automatically create a user for the mobile app in real-time. The end result is a completely seamless and streamlined business borrowing experience.
Perhaps the most impressive part of the two new technologies being released by Centrex Software on January 1st of 2022, is that in order to take advantage of the new tech, you don’t even need to be a Centrex Software CRM customer. “We understand that the Centrex CRM is only one option for funders and ISO’s out there. We also understand that there is much more than just CRM that is needed to build a successful finance business. Because of that, we built the WordPress plugin and the mobile app in an API based architecture so that any finance company using any CRM with an API can utilize the new Centrex technology. We wanted to capture more of the market with unique FinTech solutions, offering CRM alone can only get us a to a certain point.” says Trey Markel.
Needless to say, Centrex Software has really stepped it up as a full circle FinTech solution provider to the finance industry. Centrex Software will also be launching its new open REST API and amortization calculators in the new year to expand their tech offering. You can reach Centrex Software at www.centrexsoftware.com or email media@centrexsoftware.com
Velocity Group USA Names Keith Nason President, Launching KapSource in Q1 2022
December 16, 2021
Melville, NY – December 16th, 2021 – Velocity Group USA is pleased to announce Keith Nason as the newly appointed President. In conjunction with stepping into the role as President, Nason will continue to hold his position as Chief Operating Officer, building on business development strategies and appointing new members of Velocity Group’s executive team.
“We have undergone many necessary changes over the past year, but the change we are most excited about is appointing Keith Nason as the President of Velocity Group. He has extensive industry experience, as well as the knowledge, innovation and vision to drive growth in 2022. I have no doubt these qualities will help set us apart from our competitors as we continue to expand our business,” said Lisa Gioia, Chief Executive Officer
Nason is an industry veteran with over eight years of experience within the Merchant Cash Advance market, specializing in both top and bottom-line growth, building infrastructure and security, data integrity, risk models, technology, and securing capital through multiple channels.
“Over the last 12 months, we’ve invested a tremendous amount of time, energy, and capital in our team, product, infrastructure and data security, as well as our process. Doing so has positioned us for significant growth in 2022 and beyond,” commented Nason.
He also credited his institutional investors as being a key to success by having faith in the long-term goals of the company, and confidence in the new team to prioritize long-term success over strictly short-term returns. Nason also stated, “It’s a true testament to the team that we were able to completely rebuild our business foundation while still funding over $100MM and producing record returns to our investors.”
With the revamp of the company infrastructure and data security, Velocity Group USA will be launching KapSource within the first quarter of 2022, a “business in a box” model that will allow other members of the industry to use its proprietary technology to increase conversions, alongside a marketplace in which brokers can fund their owns deals and create additional revenue streams through Velocity’s capital sources.
