Amur, North Mill achieve record annual originations
North Mill mid-ticket originations rise 178% YoY
Equipment financiers Amur and North Mill finished 2024 with record originations in a climate where independent financiers are growing as some banks are pulling back on equipment lending and other lenders leave the industry.
Originations at privately-held Amur Equipment Finance jumped to more than $960 million in 2024 from 769.9 in 2023, while outstandings increased to more than $2 billion from $1.9 billion in 2023, according to its Jan. 6 release. Amur credits improving relationships, growing customers, and expansion in construction, specialty vehicles and franchise finance, Chief Executive Kalyan Makam said in the release.
“It was a year that presented tremendous opportunity, with many others in our industry pulling back,” he said. “With our extremely strong capital position, scaled platform and dedicated and talented team, we’re well positioned to set even more records in 2025 and beyond.”
Meanwhile, originations at North Mill Equipment Finance (NMEF) reached an all-time high of $105.9 million in December, up 132% year over year, according to a Jan. 7 release from the privately held company. The fourth quarter closed with $252 million in originations, up 68% YoY, while the full year originations also set a record, increasing $654 million and representing 21% growth YoY, David Lee, chairman and chief executive of NMEF, said in the release.
“This growth was driven in large part by the rapid expansion of our mid-ticket business, showing 178% growth YoY,” he said. “Our evolution from a small-ticket subprime lender to a small and mid-ticket lender focused on near-prime opportunities reflects the success of our strategy and commitment to meeting the diverse needs of our partners.”
NMEF’s growth came as the result of expanding its platform, including through the purchase and integration of technology-driven finance provider Taycor Financial, credit appetite and programs, Chief Operating Officer Tom Lyle noted in the release.
“Through initiatives like integrating Taycor, expanding our credit appetite to include larger ticket sizes, and developing a true FMV (fair market value) program, our efforts to develop North Mill into a scalable platform for growth are beginning to show results,” he said.
The third annual Equipment Finance Connect at the JW Marriott Nashville in Nashville, Tenn., on May 14-15, 2025, is the only event that brings together equipment dealers and lenders to share insights, attend discussions on crucial industry topics and network with peers. Learn more about the event and register here.
