North Mill Equipment Finance set a company record by recording $109 million in first quarter loan and lease originations in Q1/22, which was up 99% from the same period last year. In addition, North Mill Equipment Finance set a company record for originations in March, as funded volume surpassed $49 million, eclipsing the company’s 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,” David C. Lee, chairman and CEO of North Mill Equipment Finance, said. “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.”
“Our exclusive commitment to the broker channel remains steadfast,” Mark Bonanno, president and COO of North Mill Equipment Finance, said. “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.”
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