North Mill March Volume Hits $24MM, Marking All-Time High

North Mill Equipment Finance reached an all-time high in monthly loan and lease originations in March. Funded volume surged to more than $24 million, a growth rate of 53% from last March and an increase of 22% from the company’s previous high-water mark last December.

“We’re firing on all cylinders,” David C. Lee, chairman and CEO of North Mill Equipment Finance, said. “We reported a record-breaking year in 2020 and I anticipate that we’ll continue to see an upward trajectory as the economy opens up. First quarter volume topped $54 million, an increase of more than 18% from Q1 of last year, while our weighted average FICO climbed an additional nine points to 717.”

Average deal size also hit a record for March, according to Lee, as it reached nearly $90,000 per transaction.

Transportation, which made up nearly 100% of the firm’s asset portfolio a few years ago, now accounts for about 40% of funded volume. The company has expanded into other types of equipment, including, but not limited to, construction, healthcare, franchise opportunities and livery.

As referral agents continue to turn to North Mill Equipment Finance to obtain financing for their customers, the capital markets have demonstrated confidence in the company. Last month, North Mill Equipment Finance closed NMEF Funding 2021-A, its fourth commercial equipment backed securitization (ABS) and its largest ever. The $236.588 million ABS issuance was well received by institutional investors as evidenced by strong oversubscription levels across all tranches of notes. Capital was raised from a total of 23 investors, more than double the number from the company’s previous issuance (NMEF 2019-A).