Referral Agent FAQs

Q:

What type of assets does North Mill finance?

A:

We work with many different asset classes including transportation, construction, manufacturing, material handling and specialty vehicles like tow trucks, motor coaches and auto carriers.

Q:

What information does North Mill require when submitting an application?

A:

We require three things: a signed credit application, an invoice for the equipment being financed, and a ‘spec’ sheet – or specification sheet – that provides equipment details, i.e., make, model, engine type, etc.

Q:

Does North Mill preview deals?

A:

Yes, we will preview deals. For us to perform a thorough preview, there are some basic questions we can ask the broker:

Q:

Does North Mill handle customers with credits A through D?

A:

Yes, North Mill works with all types of customers from A to D credits.

Q:

Does North Mill ever go direct to a dealer?

A:

Never. We will never circumvent our referral agent network and go directly to a dealer. Our business model is based on the referral agent relationships we establish and nurture. Referral agents are, in effect, our sales force and we will never jeopardize those relationships.

Q:

Does North Mill work with start-up companies?

A:

We will work with start-up companies provided the principal has at least two years of industry experience, i.e., a customer interested in purchasing a class 8 heavy duty truck should have two years of experience in the trucking industry and a set minimum FICO. Your North Mill Account Manager can tell you more.

Q:

Does North Mill accept deals from owner-operators?

A:

Yes, we accept deals from owner-operators. This is a key differentiator  for North Mill as many lenders will not finance this type of arrangement.

Q:

How quickly can North Mill provide a decision on a submitted deal?

A:

Our goal is to provide our referral agents with an answer as to whether we will accept or decline a deal in about four hours. This, of course, depends on what time of day the deal is submitted. It’s also important to remember different time zones; the west coast is three hours behind us and a broker in California would need to submit his deal by 1:00 a.m. EST (or 10:00 a.m. PST).

Q:

What are North Mill's minimum and maximum loan/lease amounts?

A:

We are “app only” from $10,000 to $150,000.

Q:

Are there certain states that North Mill will not fund deals?

A:

North Mill is national in scope. We accept deals in all 50 states.

Q:

Does North Mill have a rate sheet?

A:

No, we don’t have a rate sheet. North Mill is a 100% credit scoring shop. As such, all of our deals are scored using our proprietary credit model. Each deal is assigned a rate based on the result of the score derived from that model.

Q:

What kind of financial solutions does North Mill offer?

A:

North Mill offers both loans and leases. Lease options include a TRAC Lease, an FMV Lease, and a “Dollar out” and a “$101 out. Your North Mill Account Manager can offer more detail.