Announcements
North Mill Equipment Finance Originated $109M in Q1
April 4, 2022APRIL 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.
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.
deBanked Spins Off Crypto News into a Separate New Brand
February 28, 2022
Move over de-banked, one segment of fintech is becoming completely de-cashed as crypto transactions continue to flourish. The universe of bitcoin, ethereum, blockchain, smart transactions, and NFTs only scratch the surface of the innovation and potential that could one day replace the financial system as we know it.
deBanked began reporting on crypto in 2014 in the early days of Bitcoin and since then, through fits and starts, has increased the amount of coverage in that space. After much internal deliberation, our team decided at the end of 2021 to create an off-shoot brand focused entirely on crypto-related news, deCashed.
deCashed will cover everything from crypto-lending to fintech to smart contracts to NFTs. deBanked launched its own NFT smart contract on the Ethereum blockchain last September and deBanked Chief Editor Sean Murray will be speaking at NFT NYC in June 2022.
“Everything with the deBanked brand and business will remain the same,” said Murray. “I’ve been using and following cryptocurrency for eight years at this point. deCashed will finally provide us with the journalistic runway to expand our horizons into a market we already know and one that has so much untapped opportunity.”
As independent media, deCashed is still in its early days. “It’s live already but stay tuned,” Murray said. “We’ve been talking about doing this for a really long time.”
“Equipping The Dream” Premieres on deBanked TV
February 15, 2022
On February 15, deBanked TV released the first episode of a new one-of-a-kind show.
Equipping The Dream, a six-episode series that wrapped up filming late last year, follows the journey of four aspiring equipment finance brokers as they get put through a rigorous training regimen at a real-life sales office in Rochester, New Hampshire.
Episodes will be released on Tuesdays and Thursdays. Episode 2 airs on February 17th. Watch free on deBanked.com/tv/
Executive Producer: Sean Murray
Cast: Josh Feinberg, Will Murphy, Angela Thompson, Thomas Long, Juan Carlos Marcano, RJ Rochelle, Brian Perry, Steve Feinberg, Evan Sowa, Johny Fernandez.
Copyright: © deBanked 2022.
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
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NEW ISOs Sign up to Fund with Velocity Here
We’re Hiring – Join one of the fastest-growing companies in the industry!
Do you have a book of business and experience managing relationships with ISOs?
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