North Mill Equipment Finance
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Re-Fi/Cash-Out Program: Your Solution to Equipment Refinancing


North Mill's Re-Fi/Cash-Out Program is a flexible product that allows your customers to refinance an asset, or pull out equity on an eligible unencumbered asset to use for business purposes. The company developed the program to address two needs for qualified customers: first, to help those looking for cash, and second, to provide a solution for those who have an existing lien against an asset they'd like to refinance. A Re-Fi/Cash-Out is similar to a "sale leaseback" in that customers can use the equity from an asset and apply it toward the down payment of a new deal, use it to refinance an existing transaction, or use the proceeds as working capital. The big difference between the two products: a refinance cash-out is available only as a loan.

Here's How it Works:

Submit the application and equipment list to North Mill at apps@northmillef.com like any conventional transaction. In the email, note that the submission is a Re-Fi/Cash-Out deal. If there's an existing lien on the asset(s), please note who holds that lien. Last, provide a short write-up on how the funds will be used by your customer, e.g., as working capital, to purchase new equipment, to apply as a down-payment for other equipment, etc.

In Sum, What's Needed by NMEF?
  • A signed and dated credit application
  • An equipment list with equipment specifications: year, make, model, hours, etc.
  • Notarized documents / bill of sale
  • A UCC search and lien search
  • Evidence of ownership
  • An equipment appraisal/inspection supporting the represented value (paid for by your customer) must be provided after approval and prior to doc requests and is subject to satisfactory review by NMEF

Eligible Equipment

All equipment North Mill normally considers can be used for a Re-Fi/Cash-Out. The only exception is over-the-road sleepers as they're ineligible. However, over-the-road day cabs are acceptable. All eligible equipment must meet the company's regular equipment guidelines. There is a 75% maximum loan-to-value (LTV); in other words, if a piece of equipment is appraised at $100,000, up to $75,000 can be "cashed out."

Please note that this type of transaction will take longer to process than a conventional transaction. Moreover, while we have a specific list of documents we require for a Re-Fi/Cash-Out as noted above, we may request additional information and/or documentation as the transaction is being processed. As such, credit decisions on Re-Fi/Cash-Out transactions could take up to a full day or longer.

Contact us today to learn more about the benefits of our Re-Fi/Cash-Out Program.

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Norwalk, CT 06854
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