North Mill Equipment Finance posted record originations for Q3/20, marking the best three months in the firm’s history. During the quarter, North Mill experienced a growth rate of approximately 15% over the same period last year as funded volume for the quarter came in at just under $50 million.
“North Mill has emerged stronger on the other side of this tragic pandemic,” David C. Lee, chairman and CEO of North Mill, said.
At the close of Q3/20, North Mill’s number of funded transactions increased by about 20% from the same period the year prior, and weighted average FICO improved to 720, all while the company maintained its yield targets and industry diversification goals. While part of the growth in 2020 is attributed to other lenders reducing their activity in the market, North Mill’s commitment to its referral partners has had a resounding effect, according to Lee.
“Our strategy has been and continues to be 100% reliant upon our referral partners,” Lee said. “They represent our salesforce and we consider them members of the team. The relationship brokers forge with their vendors and borrowers is sacred. We would never breach that bond by soliciting their customers or circumventing our brokers in any way.”
eadquartered in Norwalk, CT, North Mill Equipment Finance originates and services small-ticket equipment leases and loans, ranging from $15,000 to $300,000 in value.
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