North Mill Equipment Finance, an independent commercial equipment lender located in Norwalk, Connecticut, closed its eighth asset-backed securitization (ABS), NMEF Funding 2024-A. The $404 million transaction is NMEF’s first ABS transaction this year, bringing the total ABS proceeds raised by NMEF since inception to $2.3 billion.
“The interest in the NMEF shelf continues to grow,” Mark Bonanno, president and chief operating officer of NMEF, said. “We received 45 orders from 32 unique investors, including 12 first time buyers, that drove demand to a ~3.5x oversubscribed level and allowed for continued tightening of spreads from launch to pricing.”
“NMEF was proud to present a strong collateral pool to investors, with a balanced mix that no longer contains long-haul trucking within the top five equipment types, along with the highest weighted average FICO of any NMEF issuance to date,” Mitch Tobak, vice president of corporate development at NMEF, said. “Transportation collateral represents less than a third of the total pool, a testament to NMEF’s ability to originate profitable paper in a variety of industries. We are grateful for the continued support of our referral partner network and the ~14K active borrowers they have referred to NMEF.”
