North Mill Equipment Finance reported that 2021 was the best year in the company’s six-year history, as 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,” David C. Lee, chairman and CEO of North Mill Equipment Finance, said. “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.”

“NMEF’s annual volume for 2021 increased 69% over prior year to $309 million,” Pier Snider, executive vice president and CFO for North Mill Equipment Finance, said. “The number of submitted applications rose to more than 19,000, representing a 13% increase over 2020 submissions. Demonstrating an improvement in both efficiency and quality, the company funded 3,600 of those deals, a 51% increase year over year. Weighted average FICO shot up five points to 718, the highest score in the company’s history, while average deal size rose by more than $9,000 per transaction to hit an all-time high of $87,000.”

In addition, the company’s average yield remained north of 14% even with higher average credit quality borrowers.

While annual indicators exceeded expectations, North Mill Equipment Finance also reported company records for quarterly and monthly figures in Q4/21 and December. North Mill Equipment Finance experienced a 95% increase in volume in Q4/21 vs. the same period in 2020 while processing the same number of applications during the two periods. Moreover, the company experienced yet another new record in funding volume in December, reaching a level of $36.3 million, which marked a year-over-year increase of 83%. In addition, during December, the weighted average FICO score of the company’s clients increased to 730.

North Mill Equipment Finance added three new regional offices in 2021, opening offices in Irvine, CA, and Voorhees, NJ, while adding an office in Murray, UT, with the acquisition of Aztec Financial.