Watermark Finance, an independent commercial equipment lender located in Baltimore, MD, posted record originations for the first half of 2020. Watermark reached half-billion in assets, representing a growth rate of 9% over the same period last year.

“Despite the PPP program assisting our clients, we were able to approve and fund groundbreaking new customers to make up more than we lost,” said John Williams, senior vice president of sales at Watermark Finance. “In the first quarter of this year, we were up 15% from Q1 2019. Once COVID-19 shocked the market, we took a much more conservative approach, as we adjusted our funding guidelines from taking on too much risk to landing AAA rated clients.”

The modified requirements notwithstanding, total volume for the first six months of 2020 outpaced the same period last year and the average FICO shot up from 684 to 711, representing an increase in better-credit customers. In addition, 455 referral partners have funded a transaction so far for the first half of this year.

“We will continue to support our referral partners and modify our offering to meet the evolving needs of the customer,” Williams said.

Williams also attributes the increase in originations to the firm’s response to market demands. Most recently, Watermark lowered its time in business requirement from three years to 6 months, a modification that helped broker partners by unlocking a pool of additional borrowers who otherwise would have been declined. Additionally, the company updated its industry guidelines to provide greater opportunity to fund more asset classes in manufacturing, construction, agricultural and commercial printing.