| Meet Your North Mill Account Manager
An informal Q&A with your representative
As 2018 winds down, we thought it would be a nice treat for our broker partners to get a chance to "meet" the folks with whom they interact on a regular basis — the professionals who comprise the North Mill Account Management team.
While some of our brokers have indeed met their assigned representative in-person at a conference or on the road, the vast majority have only a voice to identify who helps them close deals. So take a peek at the center photo in this month's issue of The Compass and locate your representative!
We asked each Account Manager to reflect on a transaction in 2018 that stands out and why.
Q. What broker deal(s) in 2018 stands out for you and why?
- JoAnn: There's been lots of positive changes at North Mill this year. One deal stands apart as an excellent example of the enhancements in action. My broker was working with a rate-sensitive trucking company that desperately needed seven trailers worth over $250,000. Not only did we make it happen, but everyone was thrilled with the outcome. The broker closed the deal because the buy rate was in the single digits; the vendor wasn't required to sign a dealer letter (we no longer have a dealer letter) and the customer got a very competitive rate on a transaction that funded quickly and without a hitch.
- Sue: The deal that stands out to me the most this year was one for my broker in California who works with customers in the motion picture industry. Specifically, he helps movie houses obtain the latest technology in projection — the 2018 Magna-Tech digital projection unit with accessories. The equipment is a major game-changer in cinema and it's certainly exciting to know that North Mill is taking part in the evolution.
- Carla: The deal I remember most is actually two separate transactions for one broker. Two vocational units for two different customers both needed to fund right away. All items required for funding were provided prior to the originals arriving in-house and GPS units were installed at the vendors' location. I recall that docs for both transactions were ordered on Thursday and the deals funded the next Monday. Teamwork was integral in getting the job done.
- Catherine: I can remember everything about this deal because I'm a big fan of what they produce — protein bars! A small start-up needed a very specific type of industrial machine to uniformly cut their protein bars. We funded the vendor after the machine was installed and inspected at the customer's location. The transaction was smooth and the customer was pleased. I'm looking forward to tasting one of the bars.
- Ashley: I funded a Rolls Royce limousine and it stands out to me because it's a very expensive luxury car and an unusual asset. We worked with the customer to structure a deal that made sense for his company. Since then, I know North Mill has looked at other livery vehicles as there's a strong market for them in the U.S. and we think they're often a great asset to finance.
- Krista: The deal that stands out to me the most in 2018? A $350,000 private sale transaction where we financed $230,000 for a Rotochopper shingle grinder. I remember it for a few reasons. First, it was an "App Plus" deal (we finance up to $250,000 for App Plus transactions). Second, it was a private sale which North Mill does very well and is one of the few lenders that considers them. And third, it was a very unusual and expensive asset — and I had never heard of a shingle grinder!
The Account Management team, along with the rest of the staff at North Mill, wishes you and yours a happy, healthy, and prosperous New Year! For more information, please contact your North Mill Account Manager. To become a North Mill referral agent, please click here to complete our broker application.
Return to The Compass