North Mill Equipment Finance | The Compass
Issue 3 2019
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. Read More >>



Power Up Your Prospecting: Part II
North Mill

A few years ago, we ran a series of articles in The Compass covering key guidelines for equipment finance brokers to adhere to when prospecting for dealers and/or customers. All in, there were ten recommendations to follow. We updated the series with some new information, new techniques, and new ideas. The second of three installments is presented in this issue of our newsletter. Read More >>

U.S. Heavy Equipment Makers Feeling Pain from Tariffs, Disputes: Report
Reuters

U.S. makers of bulldozers and other heavy equipment are raising prices, losing sales and in some cases beginning to trim workers in response to the Trump administration's protracted trade disputes with various countries, according to a new report. An economic analysis conducted on behalf the Association of Equipment Manufacturers and set to be released on Monday by IHS Markit, notes that increased costs and the disruption of supply chains will slowly filter through the overall economy, gradually raising prices for finished goods and curbing employment over the next decade. Read More >>

Clarification on Leases Standards
Asset Finance International

The Financial Accounting Standards Board (FASB) has issued an accounting standards update (ASU) to address two implementation issues facing lessors and make clear that lessees and lessors are exempt from a certain interim disclosure requirement associated with adopting the new leases standard. The new ASU aligns the guidance for fair value of the underlying asset by lessors that are not manufacturers or dealers in Topic 842, with that of existing guidance. Read More >>

NEFA's National Equipment Finance Summit Achieves Record Highs
Cision

The National Equipment Finance Association (NEFA) is pleased to announce the 2019 National Equipment Finance Summit held in Newport Beach, CA on Wednesday, March 13th through Friday, March 15th set new records for conference registrants and first-time attendees. Read More >>

Will the Bull Run Continue for Transport Services Industry?
Yahoo Finance

The transportation sector seems poised well for both the near and the long term due to robust freight demand on the back of a strong economy. Substantial surge in manufactured goods, massive tax hauls and business-friendly policies of the government are anticipated to fuel the transportation sector's growth. Consequently, the companies offering equipment financing and leasing, logistics and supply chain management services to transporters are also likely to perform well in the near future. Read More >>

U.S. business borrowing for equipment falls 24 percent in February: ELFA
Reuters

U.S. companies' borrowing to spend on capital investments fell 24 percent in February from a year earlier, the Equipment Leasing and Finance Association (ELFA) said on Friday. Companies signed up for $5.9 billion in new loans, leases and lines of credit last month, down from $7.7 billion a year ago. The fall was 18 percent, when compared to the previous month. Read More >>

3 Tax Tips for Freelancers - By Freelancers
Fox Business

With the changes made by the Tax Cuts and Jobs Act not well understood by many Americans, taxes in the United States can be confusing enough for employees. Being a freelancer or independent contractor adds another layer of complication. For example, did you know there are three additional types of retirement accounts available to self-employed individuals that are not accessible to employees? Read More >>
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NORTH MILL POSTS RECORD ORIGINATIONS FOR THE 3RD QUARTER 2019
North Mill announced record originations for the 3rd Quarter of 2019. The best quarter in North Mill's history, the company exceeded $43 million in funded volume representing a growth rate in excess of 30% from the prior quarter.

"We could not be happier with our continued growth, while diversifying our mix of asset categories, improving our credit profile and maintaining our yield targets," reported David Lee, Chairman and CEO of North Mill.

Historically known primarily as a lender for sub-prime owner operator, long-haul truckers, North Mill now counts non-transportation assets as its largest asset category and heavy-duty sleeper trucks as its smallest. For the 3rd Quarter, the company's weighted average FICO score for personal guarantors improved to 694, with over 40% of the funded volume having FICO scores over 700.

Moreover, as a 100% broker-centric organization, North Mill continues to focus its efforts on providing its referral agents with the products, services, and technology necessary to help them grow their businesses. The company has established more relationships with new brokers in 2019 than in any year prior.
Equipment Finance Industry Confidence Increased in January
The Monthly Confidence Index for the equipment finance market is 59.9 in January, an increase from the December index of 56.2. Designed to collect leadership data, the index reports a qualitative assessment of both the prevailing business conditions and expectations for the future as reported by key executives from the $1 trillion equipment finance sector.

Read More >>

For more information on articles in The Compass, or if you're interested in learning how to become a North Mill Referral Source, please email Paul Cheslock, VP of Customer Relations at pcheslock@nmef.com or call 1-203-354-1283.


This newsletter includes links to other websites and the content within. The articles that link outside this newsletter have not been generated by, nor are they endorsed by, North Mill Equipment Finance LLC. The aggregated content is simply intended to provide direct access to information that a Referral Source may find useful.

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