North Mill Equipment Finance Closes $50 Million Loan Facility With Wells Fargo

North Mill Equipment Finance announced on Wednesday that they had closed a $50 million loan facility with Wells Fargo Capital Finance.

The facility will allow North Mill to expand its business throughout the US. North Mill originates small-ticket equipment leases and loans through vendors, dealers and brokers. North Mill was born out of Colford Capital's acquisition of Equilease Financial Services in November of last year.

The Senior VP of Wells Fargo Capital Finance, Stewart Hayes said in a press release, "We are pleased to have completed such important financing for North Mill Equipment Finance. 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."

President of North Mill, Gary Silverhardt, views the loan facility as a chance to originate and fund a number of leases in the target markets of transportation, materials handling and construction.

As a third party servicer, North Mill has the capacity to handle thousands of accounts for multiple parties. In the last 11 years, they have purchased over 30 lease and loan portfolios, totally over $1 billion in asset value.

Dan Zwirn, is a Co-owner of ALDA Capital, which owns a minority stake in Colford.

Click here for the full press release.