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North Mill welcomes all applications from approved referral agents (equipment finance brokers) who meet the company’s funding requirements and who agree to meet designated performance metrics.
Referral agents who are interested in establishing a relationship with North Mill first must complete the Company’s new broker application, participate in a telephonic interview, and forward two references from other lenders with whom a working relationship is established.
A broker’s prior experience is not the sole determinant for approval by the North Mill credit team. The personal credit history of the brokerage’s principals along with bank and other funding source references are also considered. North Mill requires the applicant to have at least one year of industry experience specifically in the small-ticket lending space. Experience can be acquired through his or her own brokerage or as an employee of a brokerage that operates in the small-ticket lending space.
Brokers will be notified of approval after the North Mill credit team evaluates the application, the interview, and the references. Approved brokers can begin submitting transactions as soon as the Company receives a signed copy of the Referral Source Agreement and after completion of the introductory “Welcome Call.”
Importantly, North Mill has minimum quarterly submission, approval, and funding (closing) performance metrics that must be maintained to remain an active North Mill broker.
Additionally, unsatisfactory portfolio delinquency and/or loss history is continuously monitored and at North Mill’s sole discretion may result in a loss of broker privileges or termination.
Finally, brokers will be required to comply with applicable state licensing requirements. For example, approved brokers must comply with current California Finance Lenders Law license guidelines and regulations when submitting transactions from California-based applicants.