North Mill Equipment Finance (NMEF), an independent commercial equipment lessor headquartered in Norwalk, Connecticut, had a record-breaking month in July as funded volume surged to more than $56 million, an increase in loan and lease originations of 33% from the same period last year.
“We are firing on all cylinders and well poised to continue our growth trajectory,” David C. Lee, chairman and CEO of NMEF, said. “We have a strong capital base, a loyal and ever-expanding group of referral partners who consider NMEF their primary lender and a diversified portfolio that helps us mitigate the economic woes that plague specific industries like the trucking sector.”
“Historically, trucking related collateral, both local and long-haul, represented an average of 40% of our originations whereas today it embodies just 15% of what we finance,” Lee said. “Medical, franchise and construction collectively now represent almost 60% of our funding volume.”
Additionally, NMEF has grown its vendor program in partnership with referral partners, including banks, captives and other funding sources. In addition to the high watermark in originations, the company’s weighted average FICO reached 735, weighted average yields are north of 13% and submission approval rates are approaching 60%.
NMEF has also been selectively adding to its team. Joining the company as an assistant vice president, relationship manager is Mary E. Armstrong, CLFP, who brings over twenty years of referral partner relationships while holding similar roles at Financial Pacific, Marlin and Canon.
“We are very excited to welcome Mary to the NMEF family of companies,” Paul Cheslock, vice president of customer relations at NMEF, said. “Her reputation is stellar. Brokers, customers and colleagues alike have commented on her talent, innate sales ability and professionalism.”
“Making the decision to join NMEF was not difficult,” Armstrong said. “For quite some time, I’ve been aware of NMEF’s reputation as a progressive leader and trailblazer.”
Also joining NMEF is Zacchary Lee, senior analyst, corporate development, who will assist the finance team with budgeting, portfolio analytics and the execution of strategic initiatives. An honors graduate of The Wharton School at the University of Pennsylvania, he brings five years of experience in financial services to NMEF.
