North Mill Equipment Finance announced that it has entered into a $50 million senior loan facility with Wells Fargo Capital Finance. The new loan facility will enable North Mill EF to expand its business of originating small-ticket equipment leases and loans throughout the United States through vendors, dealers and brokers.
Gary Silverhardt, president and CEO of North Mill EF, views this facility as an opportunity to originate and fund a significant number of leases in the company’s target markets of transportation, construction and materials handling, thereby enhancing the company’s growth.
Silverhardt stated, “We are very happy that the Wells Fargo team expressed its confidence in North Mill’s industry-leading servicing and collection operating platform by providing this loan facility. It will enable us to expand our equipment leasing activities and to continue to provide customers with the superior service for which we are known.”
Stewart Hayes, senior vice president of Wells Fargo Capital Finance said, “We are pleased to have completed such important financing for North Mill Equipment Financing. The new loan facility for North Mill will support the senior capital they need to fund loans and leases to their customer base. We are proud to have been able to work with a leading independent specialty finance company like North Mill and look forward to supporting their plans for successful business growth.”
Based in Norwalk, CT, North Mill EF is a specialty finance company with extensive experience leasing equipment in the small-ticket sector as well as purchasing and servicing equipment lease portfolios from banks and other specialty finance companies.