North Mill Equipment Finance reached an all-time high in monthly loan and lease originations in November, as funded volume climbed to nearly $19 million, representing a growth rate of approximately 70% vs. the same period last year.
“The new watermark in volume was especially gratifying given the number of business days in November is shortened by the extended Thanksgiving weekend holiday and Veteran’s Day,” David C. Lee, chairman and CEO of North Mill Equipment Finance, said.
According to Lee, a key factor contributing to North Mill’s success is the company’s commitment to asset diversification and emphasis on stronger credit borrowers.
“Our weighted average FICO in November exceeded 719, up 21 points from last year. Plus, titled transportation, which made up nearly 100% of the firm’s asset portfolio a few years ago, now accounts for well under 50% of funded volume, with heavy duty sleeper trucks being less than 10%,” Lee said.
The company’s average deal size also shot up, surpassing $84,000, which was up 23% from November of 2019, while the number of funded transactions rose by 38% from last November. According to North Mill, the number of referral agents interested in working with the company has increased as well.
“Despite the many challenges imposed by the global pandemic, the team at North Mill is working harder than ever to help meet the needs of our broker partners and their customers,” Lee said. “As always, we remain exclusively committed to our referral partners.”
Headquartered in Norwalk, CT, North Mill Equipment Finance originates and services small-ticket equipment leases and loans, ranging from $15,000 to $300,000 in value.
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