- 1NMEF originated a record $277M in Q2 and $520M in H1 2025, up over 100% from H1 2024.
- 2Including Pawnee assets, volume was $607M in Q2 and $850M for the half.
- 3Assets under management doubled from $1B to $2B in under two years; the goal is $5B by decade's end.
North Mill Equipment Finance (NMEF), a commercial equipment lessor based in Norwalk, Connecticut, reported record origination volume for both the second quarter and the first half of 2025.
The numbers
Originations reached a record $277 million in Q2, lifting first-half 2025 production to $520 million, an increase of more than 100% from the first half of 2024. Counting the assets of Pawnee that moved onto NMEF's balance sheet on April 1, total origination volume was $607 million for the quarter and $850 million for the half, the company said on July 2.
Credit quality improved, with a weighted average FICO of 745 for the first half. By category, medical equipment led at 23%, followed by franchise at 13%, construction at 12% and IT at 8%. Long-haul trucks accounted for less than 2% of volume, and corporation-only transactions exceeded 25%.
Management's read
Chairman and CEO David Lee credited a strategy of diversifying and scaling, including investment in a platform that supports more sophisticated deals. He said a majority of dollar volume now comes from mid-ticket, fully underwritten transactions.
President and Chief Revenue Officer Mark Bonanno attributed the growth to long-term relationships with NMEF brokers and with Taycor vendor partners.
EVP and COO Tom Lyle said NMEF has doubled assets under management from $1 billion to $2 billion in less than two years. He said the internal restructuring of operations and reporting lines, together with integration of Pawnee's employees, positions it to reach a goal of $5 billion by the end of the decade.
About NMEF
NMEF works with third-party referral sources to finance small to mid-ticket equipment leases and loans from $15,000 to $3 million, and up to $5 million for investment-grade opportunities. It accepts A to C credit and is majority owned by an affiliate of InterVest Capital Partners. Its affiliate BriteCap Financial provides working capital loans to small businesses. More at nmef.com.
Source reporting: deBanked.
