North Mill reports record $277M in Q2

North Mill Equipment Finance posted record originations in the second quarter and first half of 2025.

The Norwalk, Conn.-based lender reported $277 million in originations in Q2, bringing total volume for the first half of the year to $520 million, more than double its total during the same period in 2024, according to a company release today. Including assets acquired from Pawnee Leasing, which were added to North Mill’s balance sheet on April 1, total originations reached $607 million in Q1 and $850 million year-to-date.

The company also saw improvements in credit quality, with a weighted average FICO score of 745 in the first half of 2025. North Mill’s top equipment finance categories through midyear included medical (23%), franchise (13%), construction (12%) and IT (8%), while long-haul trucks accounted for less than 2% of volume.

“We’ve invested heavily in building a platform that supports more sophisticated transactions, and it’s gratifying to see that translate into stronger credit profiles, larger deals and further industry diversification,” North Mill Chairman and Chief Executive David Lee stated in the release. “Moreover, a majority of our dollar volume now consists of mid-ticket, fully underwritten transactions.”