Case Studies: NMEF Solution in Action

Customer scenario

NMEF Solution

North Mill’s Re-Fi Cash-Out program allows customers to access the equity in their equipment or refinance assets with existing liens.

Customer story:
LLC in business for five years needed working capital for business expansion

Credit Score: 625

Asset: 2018 Mack Granite owned free and clear by the LLC and worth $75,000

Deal Structure: 42 month loan for $56,250 (75% loan to value)

Outcome:
Deal was approved with the customer providing evidence that it owned the truck free and clear. An appraisal was performed to support the $75,000 value of the truck, then the customer requested docs and North Mill completed a clean UCC and lien search. The customer received the $56,250 by wire after notarized documents required to fund were received.

North Mill’s App Plus Program provides customers with financing up to $250,000 with financial statements.

Customer story:
 Corporation with two owners in business for six years required $205,450 in financing for a truck and car hauler

Credit Score: 740 and 680 Average: 710

Asset: 2016 Peterbilt 388 daycab and a 2016 Cottrell stinger trailer

Deal Structure: 52 month loan with 10% down required


Outcome:
The deal was originally approved as an App Only deal with over $60,000 down and was then reapproved as an App Plus deal with a significantly lower down payment after receipt of all the necessary financial information, including bank statements and tax returns.  The deal funded later when documentation was received by North Mill along with a clean inspection report.

North Mill’s private party sale program allows customers to finance equipment purchases from other end users, rather than dealers.

Customer story:
 Construction company in business for three and a half years required financing for a track loader for $40,550, which they planned to purchase from another local construction business

Credit Score: 612 with a past repossession

Asset: 2019 Takeuchi TL12 Track Loader

Deal Structure: 48 month loan with 20% down required

Outcome:
The deal was approved with evidence the track loader was owned free and clear by the seller. Documents were requested once the buyer arranged for an appraisal. The seller was funded by North Mill after the necessary UCC and lien searches came back clean and the notarized documents and insurance were received.

North Mill will provide startup businesses with financing

Customer story:
Owner operator, with a CDL and driving experience for four years, looking to buy his first truck and trailer from a dealer needed $65,500 in financing.

Credit Score: 655 with a past bankruptcy

Asset: 2019 Kenworth W900L and 2019 Utility reefer trailer

Deal Structure: 36 month TRAC lease with 20% down


Outcome:
The deal was approved and documents were requested after the customer had evaluated his truck options, but ultimately settled on the 2013 Kenworth rather than an older unit. The deal funded after documents were received along with a clean inspection report and insurance.

North Mill’s Additional Collateral program allows customers to use equipment within our guidelines and owned free and clear toward their required down payment.

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Customer story:
A father and son construction company in business for 15 years needed a new directional drill totaling $121,809 for new, lucrative contracts to place sewer lines.

Credit Score: 600 and 585. Average: 593

Asset: 2015 Ditch Witch JT9 Jet Trac

Deal Structure: 60 month FMV lease with 20% down

Outcome:
 After the deal was approved, the customer decided to pledge additional collateral, a free and clear 2010 Freightliner Columbia daycab used to haul equipment between job sites, in order to decrease the required down payment. North Mill was able to approve the deal with less than $3,000 out of pocket for the customer in addition to placing a lien on the daycab. The customer immediately requested documents for funding and the deal funded soon after receipt of the original documentation.

North Mill’s “App Only” program simplifies the financing of an asset by requiring nothing more than an invoice with specifications and a signed credit application on deals up to $250,000.

Customer story:
A local furniture delivery company in business for three years looking to expand by adding two box trucks for $49,950.

Credit Score: 680

Asset: 2 2017 Isuzu NPR HD 16 foot box trucks

Deal Structure: 48 month TRAC lease with 10% down


Outcome:
The deal was approved with just a signed and dated credit application, dealer invoice, and specs on the two trucks. The owner then requested documents later in the week. The deal was funded after the paperwork was sent to North Mill and the inspection was completed.

North Mill’s Re-Fi Cash-Out program allows customers to access the equity in their equipment or refinance assets with existing liens.

Customer story:
LLC in business for five years needed working capital for business expansion

Credit Score: 625

Asset: 2018 Mack Granite owned free and clear by the LLC and worth $75,000

Deal Structure: 42 month loan for $56,250 (75% loan to value)

Outcome:
Deal was approved with the customer providing evidence that it owned the truck free and clear. An appraisal was performed to support the $75,000 value of the truck, then the customer requested docs and North Mill completed a clean UCC and lien search. The customer received the $56,250 by wire after notarized documents required to fund were received.

North Mill’s App Plus Program provides customers with financing up to $250,000 with financial statements.

Customer story:
 Corporation with two owners in business for six years required $205,450 in financing for a truck and car hauler

Credit Score: 740 and 680 Average: 710

Asset: 2016 Peterbilt 388 daycab and a 2016 Cottrell stinger trailer

Deal Structure: 52 month loan with 10% down required


Outcome:
The deal was originally approved as an App Only deal with over $60,000 down and was then reapproved as an App Plus deal with a significantly lower down payment after receipt of all the necessary financial information, including bank statements and tax returns.  The deal funded later when documentation was received by North Mill along with a clean inspection report.

North Mill’s private party sale program allows customers to finance equipment purchases from other end users, rather than dealers.

Customer story:
 Construction company in business for three and a half years required financing for a track loader for $40,550, which they planned to purchase from another local construction business

Credit Score: 612 with a past repossession

Asset: 2019 Takeuchi TL12 Track Loader

Deal Structure: 48 month loan with 20% down required

Outcome:
The deal was approved with evidence the track loader was owned free and clear by the seller. Documents were requested once the buyer arranged for an appraisal. The seller was funded by North Mill after the necessary UCC and lien searches came back clean and the notarized documents and insurance were received.

North Mill will provide startup businesses with financing

Customer story:
Owner operator, with a CDL and driving experience for four years, looking to buy his first truck and trailer from a dealer needed $65,500 in financing.

Credit Score: 655 with a past bankruptcy

Asset: 2019 Kenworth W900L and 2019 Utility reefer trailer

Deal Structure: 36 month TRAC lease with 20% down


Outcome:
The deal was approved and documents were requested after the customer had evaluated his truck options, but ultimately settled on the 2013 Kenworth rather than an older unit. The deal funded after documents were received along with a clean inspection report and insurance.

North Mill’s Additional Collateral program allows customers to use equipment within our guidelines and owned free and clear toward their required down payment.

nmef_cs

Customer story:
A father and son construction company in business for 15 years needed a new directional drill totaling $121,809 for new, lucrative contracts to place sewer lines.

Credit Score: 600 and 585. Average: 593

Asset: 2015 Ditch Witch JT9 Jet Trac

Deal Structure: 60 month FMV lease with 20% down

Outcome:
 After the deal was approved, the customer decided to pledge additional collateral, a free and clear 2010 Freightliner Columbia daycab used to haul equipment between job sites, in order to decrease the required down payment. North Mill was able to approve the deal with less than $3,000 out of pocket for the customer in addition to placing a lien on the daycab. The customer immediately requested documents for funding and the deal funded soon after receipt of the original documentation.

North Mill’s “App Only” program simplifies the financing of an asset by requiring nothing more than an invoice with specifications and a signed credit application on deals up to $250,000.

Customer story:
A local furniture delivery company in business for three years looking to expand by adding two box trucks for $49,950.

Credit Score: 680

Asset: 2 2017 Isuzu NPR HD 16 foot box trucks

Deal Structure: 48 month TRAC lease with 10% down


Outcome:
The deal was approved with just a signed and dated credit application, dealer invoice, and specs on the two trucks. The owner then requested documents later in the week. The deal was funded after the paperwork was sent to North Mill and the inspection was completed.