Referral Agent FAQsWe work with many different asset classes including transportation, construction, manufacturing, material handling and specialty vehicles like tow trucks, motor coaches and auto carriers.
We require two things: If the transaction size or exposure is grater than $250,000, most recent three months bank statements, and two years commercial tax returns are needed.
Yes, we preview deals. There are some questions we need to ask. Please schedule a call with a Sales Representative.
North Mill accepts customers with a FICO score as low as 640. The company, however, prefers to work with customers who fall within the A to C credit range.
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.
We will work with start-up companies provided the principal has at least three years of industry experience, i.e., a customer interested in purchasing a class 8 heavy duty truck should have three years of experience in the trucking industry and a set minimum of 640 FICO. Your North Mill sales representative can tell you more.
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.
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).
We are application only from $15,000 to $250,000.
Our Application Plus program is up to $1MM.
North Mill is national in scope. We accept deals in all 50 states.
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.
North Mill offers EFA’s, loans and leases. In a typical approval, the customer is given an EFA (which is pricing is about 10% lower than our loan option) and a loan which has an early prepayment option. Additionally, the company offers lease products including a TRAC Lease, an FMV Lease, a “Dollar Out” Lease, a “$101″ Out Lease, and the company’s latest lease solution, a Reserve Lease. Your North Mill sales representative can offer more detail.