North Mill Equipment Finance Sets Company Record for Quarterly Originations in Q3/21



North Mill Equipment Finance reported that its Q3/21 loan and lease originations reached an all-time quarterly high of $129.1 million. Reporting a steady upsurge in volume since January, North Mill continued the trend, as it surpassed high-water marks attained earlier this year, with new records being set for both quarterly and monthly volume.

Contributing to the company’s growth rate is the recent joint acquisition of 100% of the stock of Aztec Financial. An equipment finance company offering specialty contractors access to leases and loans, Aztec was purchased by North Mill in conjunction with TF Group (Taycor), a technology-driven finance provider in El Segundo, CA. Aztec was previously owned by Aramsco, a supplier of equipment, chemicals and consumables to specialty contractors across the U.S. and Canada.

Traditionally funded quarterly volume through North Mill’s referral network exceeded $77 million, marking another quarterly record for the organization. The number of transactions submitted by North Mill’s referral partners during Q3/21 increased by almost 19% compared with Q3/20, while the number of funded deals rose by 38%. Average deal size grew by more than 8% to $85,985, while the number of deals in excess of $150,000 also increased, motivating the company’s enhancement to its Application Only and Application Plus financing arrangements.

North Mill also reached monthly record levels in September, with the company’s originations in the month surpassing $29.8 million, an increase of $4.8 million from August and a 16% increase from June, the previous company-record-setting month for North Mill originations. Key performance indicators for September were on overdrive, as the number of submitted applications, the company’s approval percentage and average deal size all trended upward. Moreover, 62% of volume generated for the month was from customers with FICO scores of 700 and higher.

“This has been an exceptional year,” David C. Lee, chairman and CEO of North Mill Equipment Finance, said. “In addition to introducing a new category of equipment through the acquisition of Aztec, we recently purchased a $50.3 million portfolio of seasoned truck and trailer leases to help diversify our portfolio even further. Moreover, we continue to develop programs in support of our referral partners, including the lowering of our buy rates earlier this summer, increasing our Application Only program from $150,000 to $250,000 and entering a market never served by North Mill: the mid-ticket financing space. Our brokers can now obtain funding for their customers up to $1 million, allowing them to expand their own financing footprint as they serve a new segment of the market.”


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