North Mill Equipment Finance reported an all-time high in funding volume for the company in Q2/22, as funded volume surged to $147 million, up 34% from Q1/22 and up 108% from Q2/22. Additionally, North Mill set a new monthly company record for funded volume in June at $55 million, which eclipsed the company’s previous originations high of $49 million from March.
“A significant contributor to NMEF’s increased volume has been its success in forging deeper, more meaningful relationships with key referral agents, ensuring that deal flow within NMEF’s credit and pricing windows is maximized,” David Lee, chairman and CEO of North Mill Equipment Finance, said. “Evidence of this success is that NMEF was able to more than double its funded volume this quarter from the same quarter in 2021 while processing the same number of applications in both quarters, basically doubling its book-to-look ratio without sacrificing yields nor credit quality, as evidenced by a weighted average FICO of 722.”
According to North Mill, the company’s platinum and gold referral partner discounting programs, which were introduced in 2021, contributed significantly to its Q2/22 success.
“Our platinum and gold partners are excited, engaged and genuinely focused on hitting funding and efficiency performance indicators,” Mike Morris, vice president of national accounts at North Mill Equipment Finance, said.
“By empowering our platinum and gold partners to control all aspects of the vendor and application process while adhering to NMEF’s strict credit, documentation and funding processes on an individual deal basis, we have been able to materially enhance efficiencies for both NMEF and our most loyal referral partners,” Denise Steinberger, vice president of West Coast operations at North Mill Equipment Finance, said.
Like this story? Begin each business day with news you need to know! Register now for FREE Daily E-News Broadcast and start YOUR day informed!