Traditional Asset-Based Lending - General Industry

Strategic portfolio acquisition by Solar Senior Capital in 2017

North Mill Capital LLC (“NMC” or “North Mill”) is a leading asset-based lending commercial finance company that specializes in making senior secured asset-backed loans to small and medium-sized companies 

NMC was founded in 2010 by its senior management team who originally launched the strategy in 1995 and have worked together for more than 20 years across multiple organizations

Based in Princeton, NJ and currently has ~30 employees with BDO offices in Minneapolis, MN, Milwaukee, WI, Atlanta, GA, Chicago, IL, Newtown, CT and Needham, MA

Diversified portfolio with over 150 portfolio companies

100% collateralized investment portfolio

Privately-owned, small to medium-sized businesses who have limited access to bank financing

Primarily US-based companies operating in the manufacturing, services and distribution industries

Borrowers typically have limited access to bank financing

NMC is typically the agent and sole lender to its borrowers

Size ranges from $500,000 to $10,000,000

Loan tenor is 1-to-3 years; average life of ~2.5 years

Financing structures primarily include asset-based loans (revolving) and factoring agreements (revolving)

Loans are collateralized on a first lien basis in all cases primarily by accounts receivable