North Mill Equipment Finance Reviews - Financial Lender Pros & Cons

Overview

Services Offered (Equipment Financing): 

North Mill offers a wide range of equipment financing products including equipment financing agreements (EFA), leases, loans, and refinancing/cash-out. The final option allows customers to pull equity from unencumbered assets and refinance existing loans often with better terms. This range of options and flexible qualification mean that many businesses seeking financing will find an option that suits their needs. 

Industries Served: 

Businesses frequently need a little extra capital to purchase needed equipment in order to support day to operations or propel an expansion. However, traditional bank loans can be difficult to access for individuals with poor credit and often the equipment must be parched quickly. For industries with small equipment needs, North Mill carries a range of solutions for businesses in the following industries:

• Construction
• Transportation
• Trailers
• Materials handling
• Agricultural
• Medical
• Commercial Printing
• Demolition
• Livery
• Restaurants (case-by-case)

Unaccepted Asset Categories: 

While North Mill EF works with a broad range of industries and credit profiles, there are some sectors that will not be considered for financing. Purchasing assets in the following industries is not accepted by North Mill:

• Adult entertainment
• Airplanes
• Cannabis-related equipment
• Computers/ Software
• Deals outside the USA
• Exercise (case-by-case exceptions only)
• Gambling equipment
• Glider kits
• Marine vessels
• Pork production equipment
• Rail car, 
• Refurbished, reconditioned, or rebuilt assets
• Salon Equipment, 
• Vending equipment
• Small trailers

These industries are considered too risky for the lender and business owners looking to purchase equipment in these categories will have to seek financing solutions elsewhere. 

Benefits:

• Better Rates than MCA or A/R Factoring
• Terms up to 60 Months
• Early Pay-Off at 0% Penalty
• Monthly vs. Weekly Payments
• No Need to Relinquish Ownership
• Payments Not Tied to Invoices or A/R
• Flexible Use of Funds
• Equipment Remains On Site

Borrower Qualifications 

One of the main benefits of North Mill EF is the lender’s flexible qualification criteria. A, B and C credit qualities are considered so even borrowers with less than stellar credit profiles will likely still be able to secure financing. However, there is a 550 minimum FICO.

In addition to credit requirements, businesses applying for financing need to have been in business for at least 3 years. 

Unlike some lenders, North Mill doesn’t require homeownership. Other unencumbered collateral are considered toward down payment. Following application, approval is contingent on customer and guarantor background review.

All financing approvals are asset specific. 

Terms & Fees

Amount: 

North Mill specializes in small ticket equipment financing with funding amounts ranging from $15,000 to $300,000.

Term length: 

Depending on the total loan amount and a range of factors, borrowers will have from 30 to 60 months to repay the financing. 

Interest rate: 

Depending on the financing agreement, borrowers should expect to pay between 7.5 - 30% interest on equipment financing. 

Down payment: 

While some equipment financing lenders require zero down payment, North Mill EF customers will be required to offer between 10 - 50% of the value of the item. 

Buyout agreement: N/A

Additional costs: 

Aside from the actual loan amount and any interest, North Mill EF also requires a $600 document fee. Additional fees may apply if a site inspection is required, or for other specific reasons. 

Effective APR: 

When the effects of compounding over time are factored into the cost of the financing, North Mill customers should expect to pay between 7.5 - 30% APR. 

Application Process: 

North Mill EF delivers a straightforward online application process for equipment financing with flexible requirements. There are just a few short steps in the application process. Applicants must supply the following documents in order for the application to be processed:

• Signed and dated credit application
• Equipment invoice or quote, preferably with equipment’s specifications or a separate document outlining the asset's specifications
• 3 months bank statements 

North Mill offers special “Application Only” streamlined financing qualification for loans and leases up to $150,000. 

Sales & Advertising Transparency

North Mill offers transparent and clear information about their offerings, conditions, and pricing online. In addition, for customers with questions about financing, North Mill has dedicated account managers to respond as needed. 

This lender is also transparent about how the company is structured and who works there. All sales agents and other personnel can be reached by email. 

Customer Service & Technical Support

North Mill EF is easy to reach and lists a number of means to access customer service or support. 

Address:

601 Merritt 7, Suite 5

Norwalk, CT 06851

Phone numbers:

Main number: 203-354-6000

Customer Service: 800-998-7852

Account Management: 800-223-6630

Marketing: 203-354-6018

In addition to phone support, customers can access North Mill’s customer care representatives via an online form. Responses are quick and helpful, but for extra assistance customer service is also available by phone. 

User Reviews

This lender is not accredited by the Better Business Bureau. There are no substantiated negative reviews on the BBB website. There are a number of positive testimonials on the lender’s website and from employees on employment platforms, however the company is not rated on TrustPilot, Yelp, or other online rating platforms. 

Final Verdict

North Mill Equipment Financing is a good financing option for small asset loans or leases up to $300,000. While certain industries will not be able to qualify with this lender, flexible credit requirements and case-by-case approval means that many applicants will find a financing offer for their equipment needs.