North Mill Hires Fanelle as July Originations Hit All-Time High

North Mill Equipment Finance achieved an all-time high in loan and lease fundings in July, as funded volume reached nearly $18.5 million, representing a growth rate of close to 24% compared with the same period last year. In addition, last month North Mill reported record volume for the first half of 2020.

To accommodate additional growth, North Mill appointed Robert Fanelle a broker relationship manager, reporting to Paul Cheslock, vice president of customer relations. Fanelle’s prior work experience managing brokers in a financial services setting is especially salient because North Mill generates new business solely through third-party referral agents. Fanelle began his career with Canon Financial Services as a dealer representative, eventually graduating to roles as branch manager for TD Bank in Oaklyn, NJ, and for PNC Bank in Vorhees, NJ. In 2015 he joined Marlin Business Bank and established and grew broker relationships.

North Mill reported the weighted average FICO in July exceeded 715. Transportation, which made up nearly 100% of the firm’s asset portfolio a few years ago, now accounts for below 50% of funded volume, with heavy-duty sleeper trucks being less than 10%.

North Mill also moved its corporate office earlier this summer to a larger headquarters located at 601 Merritt 7, Suite 5, Norwalk, CT.

“Despite the many challenges imposed by the global pandemic, the team at North Mill has worked harder than ever to help meet the needs of our broker partners and their customers,” David C. Lee, chairman and CEO of North Mill, said. “All departments are operating on high octane as each has stepped up to join the effort. It is through ongoing collaboration, a staunch commitment to do the right thing and a genuine desire to succeed that has pushed us to a place we have never been. I could not be prouder of this company and the people who make it great.”

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