North Mill Equipment Finance, a commercial equipment lessor located in Norwalk, Connecticut, achieved the largest quarterly and first half origination volumes in its history. Originations hit a record $277 million in Q2/25, bringing H1/25 production to a $520 million, an increase of over 100% versus H1/24. Including the acquisition of Pawnee’s assets that went onto NMEF’s balance sheet on April 1, total origination volume for Q2/25 was $607 million and for H1/25 was $850 million.
For the first half of 2025, NMEF also reported a meaningful increase in credit quality, evidenced by a higher weighted average FICO of 745. The largest equipment categories were medical (23%), franchise (13%), construction (12%) and IT (8%). Long haul trucks comprised less than 2% of volume. Corporation only transactions represented over 25% of volume.
“Reaching these new highs is a direct result of executing our strategy to diversify and scale,” David Lee, chairman and CEO of NMEF, said. “We’ve invested heavily in building a platform that supports more sophisticated transactions, and it’s gratifying to see that translate into stronger credit profiles, larger deals and further industry diversification. Moreover, a majority of our dollar volume now consists of mid-ticket, fully underwritten transactions.”
“Our record growth is made possible by the trusted long-term relationships with both our NMEF brokers and our Taycor vendor partners,” Mark Bonanno, president and chief revenue officer of NMEF, said. “By staying agile and solution-oriented, we’re able to meet their evolving needs and help drive mutual growth. We’re excited to keep this momentum going into the second half of the year.”
“In less than two years NMEF has doubled from $1 billion to $2 billion in assets under management,” Tom Lyle, executive vice president and chief operating officer of NMEF, said. “The internal restructuring of our operations, reporting lines, and integration of Pawnee’s talented employee base, have NMEF well positioned to continue scaling to our goal of $5 billion by the end of the decade.”
