News

Northpoint Commercial Finance Closes Financing with Top 100 Dealer in North America

Alpharetta, GA, August 1, 2016 – Northpoint Commercial Finance (Northpoint) has once again earned new business based on their innovative approach. Northpoint, a diversified inventory finance company, announced they have developed a relationship with Plantation Boat Mart (Plantation), providing exclusive financing for HydraSports Custom boats. Plantation is one of the marine industry’s Top 100 Dealers in North America, has been the number one HydraSports Custom dealer in the world for the past 17 years, and is the factory direct test center for HydraSports Custom boats.

The financing facility has a built-in accordion feature for future growth and will give Plantation the liquidity and availability they need to move ahead with production and open up new markets, possibly worldwide. Previous financing limited their cash flow and capped growth potential.

“We chose Northpoint because of their innovative deal structure, their flexibility, and their speed to decision,” said Elias P. Delatorre, III, Plantation owner and president. “With financing that best fits our needs, we’re looking forward to an exciting new growth chapter for the HydraSports brand.”

HydraSports is a line of high-end 30’-and-up power boats with the ability to custom design start to finish. The company’s unique model and approach did not lend itself to traditional bank or asset based lending.

“Plantation needed a lender who could develop an innovative loan structure, offer more liquidity and collateral availability, and be flexible on terms to facilitate growth,” said Northpoint’s Russell Baqir. “We’re pleased to be able to respond to their needs and to help them grow the brand.”

As a privately held commercial lender, Northpoint could offer Plantation a nimbler response and flexible programs not typically found in today’s highly regulated banking environment. Absent a multi-layer approval system, Northpoint is able to expedite credit decisions and transactions, and enhance the customer experience.

About Northpoint Commercial Finance
Northpoint Commercial Finance, with offices in the U.S. and Canada, is a diversified financial solutions provider offering inventory lending, floorplan finance and asset based financing. An experienced lender, they offer a wide array of program structures to meet the needs of original equipment manufacturers, distributors, resellers and dealers in a variety of consumer and commercial products industries. Their team offers a creative, flexible and personal approach combined with innovative technologies and streamlined processes. For more information about Northpoint’s product offerings, visit www.northpointcf.com.

Northpoint Commercial Finance Expands Field Sales Organization

Alpharetta, GA, June 26, 2016 – Two new Directors of Business Development have joined Northpoint Commercial Finance’s Field Sales Organization. Northpoint is a diversified finance company that provides flexible inventory lending and floor plan financing solutions.

With a highly successful background in floor plan financing, Richard Derbonne will lead development efforts in Texas and Oklahoma. Derbonne joins the Northpoint team from GE Franchise Finance with deep experience gained over more than 20 years in financial services. Previously, Derbonne held senior sales and management positions with such companies as Transamerica, Bombardier, First Horizon National and GE Commercial Distribution Finance.

Based in North Carolina, Greg Nash will lead development efforts in the eastern states of North Carolina, Virginia, West Virginia, Maryland and Delaware. He brings more than 25 years of floor plan financing experience with companies such as ITT, Deutsche Financial Services, Textron Financial, and most recently, NextGear Capital. Nash’s strong track record and experience includes a heavy emphasis on business development and growing dealer relationships.

“This is an exciting growth period for Northpoint as we expand our customer base and provide innovative, customized finance solutions to help customers grow,” said Jeff Olander, Vice President, National Accounts. “With their decades of experience and top-notch skills, I’m confident Rick and Greg will both play a key role in deepening relationships in our key market areas and strengthening our resources.”

Director of Business Development Greg DeCastro, who previously covered Texas and Oklahoma, has relocated to South Carolina and will cover that state along with Georgia and eastern Tennessee.

 

About Northpoint Commercial Finance
Northpoint Commercial Finance, with offices throughout North America, is a diversified financial solutions provider offering inventory lending, floor plan finance and asset based financing. An experienced lender, they offer a wide array of program structures to meet the needs of original equipment manufacturers, distributors, resellers and dealers in a variety of consumer and commercial products industries. Their team offers a creative, flexible and personal approach combined with innovative technologies, and streamlined processes. For more information about Northpoint’s product offerings, visit www.northpointcf.com.

Northpoint Commercial Finance Provides Inventory Finance Program for O’Rourke Sales Company Dealers

Winston-Salem, NC, June 15, 2016 – Northpoint Commercial Finance (“Northpoint”) continues to expand its partnerships with Nationwide Marketing Group (“Nationwide”) members through a new program for O’Rourke Sales Company (“O’Rourke”) dealers. Northpoint is a diversified finance company that provides flexible inventory lending and floorplan financing solutions, and Nationwide is North America’s largest buying and marketing organization.

Headquartered in Davenport, Iowa with seven locations across the country, O’Rourke is a national distribution and fulfillment company for electronics and appliances across multiple sales channels, including premium and incentive, e-commerce, military exchanges, and both independent and national retailers.

“We are pleased to begin our new relationship with Northpoint,” said Jeff O’Rourke, CEO of O’Rourke Sales.  “We know they understand our dealers’ priorities and financing requirements, and we feel it is crucial to give our dealers as many options as possible to diversify their borrowing.  We encourage our dealers to contact Northpoint about their new program.”

Northpoint’s new program will give O’Rourke dealers a no-cost, extended term financing solution for an inaugural period. In addition, each dealer will be assigned an expert, dedicated account representative to serve as an ongoing financing strategist.

“We’re excited to provide O’Rourke dealers with the means to acquire their showroom and stock inventory without tying up cash and restricting liquidity,” said John Durnien, SVP at Northpoint.

Durnien also emphasized that Northpoint has financing options for all O’Rourke dealers, even though the initial extended terms program began with Nationwide members. As a non-regulated lender, Northpoint offers flexible programs not found in today’s highly regulated banking environment, and can offer a nimbler response.

About Northpoint Commercial Finance
Northpoint Commercial Finance, with offices throughout North America, is a diversified financial solutions provider offering inventory lending, floorplan finance and asset based financing.  An experienced lender, they offer a wide array of program structures to meet the needs of original equipment manufacturers, distributors, resellers and dealers in a variety of consumer and commercial products industries.  Their team offers a creative, flexible and personal approach combined with innovative technologies, and streamlined processes. For more information about Northpoint’s product offerings, visit www.northpointcf.com.

Northpoint Commercial Joins RVDA Expo as Bronze Partner

Northpoint Commercial Finance is a Bronze Partner for the 2016 RV Dealers International Convention/Expo, according to a news release from the RV Dealers Association.

The Convention/Expo takes place Nov. 7-11 at Bally’s in Las Vegas, sponsored by RVDA, RVDA of Canada, and the Mike Molino RV Learning Center.

“We welcome Northpoint Commercial Finance as new Bronze partner this year, with gratitude for their support and high level of commitment to our dealers’ education,” Convention/Expo Chair Ron Shepherd said. “Without the broad support our industry lends to professional development at the convention/expo, our dealers could not easily maintain an educated workforce to serve our customers.”

The 2016 theme is “Gear Up for Success” and the RVDA Convention/Expo Committee is working to provide an array of workshops and networking events that will help dealers build on an expanding market and interest in RVs and RV travel.

“We truly appreciate the opportunity to be included with all of the other great sponsors and are excited about becoming a new bronze partner. We are certainly very pleased with the consistently robust growth of both our U.S. and Canadian floor plan businesses. Our solid commitment to the RV Industry is something we take tremendous pride in because we know this commitment, along with the financial support from the other sponsors, goes a long way in making this upcoming event very special for everyone,” Northpoint Vice President of National Accounts Jeff Olander said.

Northpoint Commercial Finance Hires Neil Panchal as Director of Business Development

Burlington, ON – Neil Panchal has joined Northpoint Commercial Finance as Director of Business Development.  He will report to Bob Eddy, Vice President of Business Development, and be responsible for advancing business and client relationships in Ontario and Manitoba.

“We are extremely happy to see Neil join the Northpoint team,” said Mr. Eddy. “We are experiencing significant growth, and having Neil focused on business development in Ontario and Manitoba is very important to our continued success. His knowledge and enthusiasm will be a great fit and we look forward to having him onboard.”

Mr. Panchal has 12 years of experience in the floorplan finance industry.  Prior to joining Northpoint, he held Operational and Sales positions at GE/Wells Fargo CDF. Mr. Panchal is passionate about providing superior service, being part of a successful team, and is a very welcome addition to Northpoint.

About Northpoint Commercial Finance

Northpoint, with over 25 years of industry experience and offices throughout North America, adheres to the needs of the customer, not strict guidelines and uncompromising options. They have been revolutionizing the finance industry for years, partnering with manufacturers, distributors, and dealers to provide flexible financing solutions, because they believe an inflexible solution is really no solution at all. Their decisions are fast, too. Customers will have an answer from Northpoint in an expedient manner because they understand that time is money. This means Northpoint’s clients are able to grow their businesses and meet their goals at speeds that most have never experienced.  Most customers expand their relationship with Northpoint within the initial twelve months of coming on board because of this unmatched client focus. If you think commercial lenders can’t have innovative ideas and a fresh focus, you have never worked with Northpoint Commercial Finance. For more information about Northpoint’s product offerings, visit  www.northpointcf.com.

Northpoint Commercial Finance Reinforces Commitment to Technology Channel

Alpharetta, GA, March 22, 2016 –  With recent news of lender consolidation, Robert Wagner of Northpoint Commercial Finance took a step back to offer a few perspectives on the impact to companies, especially in the technology sector. Northpoint is a leading diversified inventory finance company for technology original equipment manufacturers (OEMs), distributors and value added resellers, providing creative, end-to-end financing solutions along the entire supply chain.

“These market disruptions have fostered a lot of media and industry conversation,” said Wagner, an industry veteran of the financial services and channel finance experience. “As an independent lender and market leader, Northpoint has been able to step in and address concerns among technology borrowers.”

The recent consolidation will most likely have an impact on OEM, Distributors, and Resellers. Wagner raised a few issues that he sees on the immediate horizon.

  1. Reduced capital and liquidity to the channel. Borrowers will likely have reduced access to capital. With the combination of capital providers and sheer size of the industry, there may be market segments that lenders are unable or unwilling to serve.
  2. Increased bank regulatory pressure and compliance hurdles may cause large lenders to have to abandon some market segments and avoid any significant lending concentrations.
  3. Channel lending to small and medium size businesses may contract or be abandoned altogether, as the focus shifts to larger, more profitable customer relationships.

Drawing parallels to the late 1990s into early 2000s, Wagner pointed out the industry has seen this cycle before. “At the time there were half a dozen lenders, then GE Capital acquired several and consolidated into one lending powerhouse. There was immense concern by borrowers about a lack of funding options that gave birth to new capital providers that were attracted to the space. It looks like that pattern is repeating itself now.”

For now, with fewer financing options for their Reseller Partners, OEMs and Distributors may have to increase open term accounts, increasing their collection and credit risk as well as back office personnel cost. Secondly, solution providers may have to turn to higher cost money to finance product, so profitability will be affected throughout the channel.

Northpoint has stepped in to fill the void and is committed to helping OEMs, distributors and solution providers capture more sales with a steady source of working capital. “Northpoint has taken the lead in reaching out to technology OEMs, distributors, and solution providers with customized financing solutions that can adapt to changing needs. What’s more, as an independent commercial finance company, we can offer more benefits in terms of speed and flexibility,” Wagner said.

Wagner underscored Northpoint’s dedication to the technology sector through their ability to support channel partners of all sizes, including those focused in the SMB space.

About Northpoint Commercial Finance

Northpoint Commercial Finance, with offices in the U.S. and Canada, is a diversified financial solutions provider offering inventory lending, floorplan finance and asset based financing. An experienced lender, they offer a wide array of program structures to meet the needs of original equipment manufacturers, distributors, resellers and dealers in a variety of consumer and commercial products industries. Their team offers a creative, flexible and personal approach combined with innovative technologies and streamlined processes. For more information about Northpoint’s product offerings, visit www.northpointcf.com.

Northpoint Commercial Finance to Provide Inventory Financing for D&H Distributing’s Reseller Network

Alpharetta, GA., March 11, 2016 – Northpoint Commercial Finance (Northpoint), a diversified finance company that provides flexible inventory lending and floorplan financing solutions, has developed a financing program for D&H Distributing (D&H) resellers. The program provides extended terms to D&H resellers who are also Nationwide Marketing Group members.

Nationwide, North America’s largest buying and marketing organization, helps thousands of appliance, furniture, electronics, specialty electronics, custom installation and rent-to-own dealers grow their businesses through purchasing power, marketing and finance programs. One of those programs is Northpoint’s floorplan financing, which Nationwide endorsed as a preferred lender for their over 3,500 members.

As a Nationwide Marketing Group vendor partner, D&H appreciated having an alternative, nimble source of inventory financing in Northpoint to ensure the growth and health of their reseller network. D&H is a leading technology distributor of IT and electronics offering end-to-end solutions for resellers, retailers and the clients they serve in the small-to-medium business and consumer markets.

“D&H is rooted in the tradition of taking a hands-on role in helping our resellers achieve their goals,” said Matt Riley, Sr. Financial Services Manager of D&H Distributing. “Offering extended term floor plan financing is one more way we can deliver on that promise. We also appreciate Northpoint’s shared values in customer service through dedicated account representatives for each client, regardless of size.”

Northpoint’s senior leaders offer a world-class management team with more than two decades of experience in the industry. As a non-regulated lender, Northpoint offers flexible programs not found in today’s highly regulated banking environment.

“Dealers and resellers need to purchase inventory to stay ahead of consumer demand, and they need creative ways to enhance product turns profitably and quickly. We’re looking forward to helping them with our finance solutions,” said John Durnien, SVP at Northpoint. “And while we’ll be offering preferred extended terms to D&H customers who are Nationwide members, we will offer financing options to all D&H resellers.”

“Northpoint as an industry finance option is a great compliment to our eXchange program,” said Dean Sottile, SVP of Distribution Logistics for Nationwide. “This provides our independent dealers with even more tools to help them make the best decisions for their business.”

Northpoint will be attending the Nationwide Marketing Group PrimeTime! Conference on March 13-16, and will be available to answer questions in booth #9071.

About Northpoint Commercial Finance
Northpoint Commercial Finance, with offices throughout North America, is a diversified financial solutions provider offering inventory lending, floorplan finance and asset based financing. An experienced lender, they offer a wide array of program structures to meet the needs of original equipment manufacturers, distributors, resellers and dealers in a variety of consumer and commercial products industries. Their team offers a creative, flexible and personal approach combined with innovative technologies, and streamlined processes. For more information about Northpoint’s product offerings, visit www.northpointcf.com.

Legend Boats Adds Northpoint Commercial Finance For Dealer Financing

Burlington, Ontario, February 25, 2016 – Legend Boats(Legend) is one of Canada’s largest boat companies and one of the fastest growing boat brands on the market. Every Legend boat model is designed by Canadians and built for Canadians. Legend Boats designs and manufactures 25 models of aluminum fish/ski/cruise boats and twenty models of pontoon boats that are distributed through over fifty Legend Dealers across Canada. To supplement its existing Floorplan Financing Program, Legend welcomes Northpoint Commercial Finance (Northpoint), a leader in inventory financing solutions for the marine industry, as one of their service partners.

Jamie Dewar, Co-General Manager of Legend, states, “By adding Northpoint to our existing Floorplan Financing Providers it gives us the ability to live our mission of creating memories for our customers. We are excited to be offering another great alternative for our dealers.”

Chris Cook, Executive Vice President and General Manager of Northpoint’s Canadian operation said, “We are thrilled to partner with Legend Boats.  We greatly appreciate and welcome the opportunity to put our trademark customer focus to work with Legend and their dealers across Canada.”

As both companies are committed to bringing a superior experience to their customers, the partnership between Legend and Northpoint is an ideal venture. Legend believes in delivering the best boating experience possible, and that starts with providing their dealers with quality products that meet the needs of their customers. This is complemented by partnering with Northpoint, because Northpoint shares their vision of strong business relationships through exceptional support, swift solutions, and innovative ideas.

 

About Northpoint Commercial Finance

Northpoint, with over 25 years of industry experience and offices throughout North America, adheres to the needs of the customer, not strict guidelines and uncompromising options. They have been revolutionizing the finance industry for years, partnering with manufacturers, distributors, and dealers to provide flexible financing solutions, because they believe an inflexible solution is really no solution at all. Their decisions are fast, too. You will have an answer from Northpoint in an expedient manner because they understand that time is money. This means Northpoint’s clients are able to grow their businesses and meet their goals at speeds that most have never experienced.  Most customers expand their relationship with Northpoint within the initial twelve months of coming on board because of this unmatched client focus. If you think commercial lenders can’t have innovative ideas and a fresh focus, you have never worked with Northpoint Commercial Finance. For more information about Northpoint’s product offerings, visit www.northpointcf.com.

 

About Legend Boats

It all started out with two friends; Vic Duhamel and Carl Dewar who opened a tire dealership called Duhamel & Dewar in Sudbury back in 1968. In 1976, they moved their business to Whitefish, Ontario and expanded the company to sell recreational vehicles and boats. Later, in 1986 the pair launched Legend Boats, which became their primary business, focused on delivering the absolute best value in the marine industry and making it as easy as possible to get involved in boating. Over the years, innovative design concepts like full stand up tops, rounded windshields, and rear bench seating, helped shape the Canadian marine industry. Today, Legend Boats continues to pursue their mission to create memories, led by the next generation of managers, Marc Duhamel, Jamie Dewar and Jeff Duhamel. They grew up in the boating industry, mentored by their fathers Vic and Carl, and have always been involved in all facets of the business. From design to production, to sales and marketing, the next generation of management has taken Vic and Carl’s vision and added their twist. Their continued focus on offering the best value and trying to impress their customers has helped get Legend Boats to where it is today – a successful boat company that helps thousands of Canadians experience boating and create memories that will last a lifetime.  To learn more about Legend, visit www.legendboats.com.

Capitol Sales Company Launches an Extended Term Inventory Financing Program through Northpoint Commercial Finance

Alpharetta, GA, March 08, 2016 – Northpoint Commercial Finance (Northpoint), a diversified inventory finance company, has launched an extended term floorplan finance program for Capitol dealers who are members of Nationwide Marketing Group.

Nationwide Marketing Group, North America’s largest buying and marketing organization, added Northpoint as an endorsed lender for their network of over 3,500 members. Dealers are able to take advantage of extended term programs, better manage inventory, extend cash flow and grow revenue through Northpoint’s flexible financing solutions. Capitol is among the first of the new Northpoint vendor relationships resulting from Nationwide’s endorsement.

Capitol is a leading distribution source for residential systems contractors, retailers, PRO AV contractors and premium incentive resellers. They offer high-quality products, competitive prices and expert technical help.

Under the new agreement, Northpoint will offer Capitol dealers members-only extended terms on flexible inventory lending and floorplan financing solutions to help dealers thrive.

“Northpoint’s extended terms financing options make perfect sense for Capitol’s customers,” said Curt Hayes, President & CFO of Capitol. “It will enable dealers to purchase more of our products without tying up their cash in inventory, while supporting our working capital, liquidity and balance sheet strength.”

Northpoint’s senior leaders offer a world-class management team with more than two decades of experience in the industry. As a non-regulated lender, Northpoint offers flexible programs not found in today’s highly regulated banking environment, and can offer a nimbler response. In addition, every Northpoint client, regardless of size, is assigned their own dedicated account representative to serve as an ongoing financing strategist.

“Capitol dealers will benefit not only from the extended terms, but from a faster turnaround and our responsive, high-touch service,” said John Durnien, SVP at Northpoint. “And while we’ll be offering preferred terms to Capitol dealers who are Nationwide members, we will offer financing options to all Capitol dealers.”

“We are always looking for new and creative inventory financing solutions for our membership,” said Frank Sandtner, EVP of Nationwide. ‘We invite our retailers to check out Northpoint at PrimeTime! to better understand the flexible programs Northpoint has to offer.”

Northpoint will be attending the Nationwide Marketing Group PrimeTime! Conference on March 13-16, and will be available to answer questions in booth #9071.

About Northpoint Commercial Finance
Northpoint Commercial Finance, with offices throughout North America, is a diversified financial solutions provider offering inventory lending, floorplan finance and asset based financing. An experienced lender, they offer a wide array of program structures to meet the needs of original equipment manufacturers, distributors, resellers and dealers in a variety of consumer and commercial products industries. Their team offers a creative, flexible and personal approach combined with innovative technologies, and streamlined processes. For more information about Northpoint’s product offerings, visit www.northpointcf.com.

Nationwide Marketing Group Endorses Northpoint Commercial Finance

Winston-Salem, NC, November 13, 2015 – Nationwide Marketing Group (Nationwide), North America’s largest buying and marketing organization with over $15 billion in sales, has added Northpoint Commercial Finance as an endorsed lender for their network of over 3,800 members.

Nationwide works beside thousands of appliance, furniture, electronics, specialty electronics, custom installation and rent-to-own dealers to help them grow their businesses through purchasing power, marketing and finance programs. Northpoint, a diversified inventory finance company, provides dealers flexible inventory lending and floorplan financing solutions to manage inventory more efficiently. They will provide Nationwide’s dealers with favorable members-only terms for inventory purchases.

“We’re pleased to bring our members more financing options with Northpoint,” said David Bilas, President/CEO of Nationwide. “We respect Northpoint’s expertise and know their professionals will bring our members creative solutions shaped by industry knowledge. We expect this to be a long and successful partnership.”

Northpoint’s executives offer a world-class management team with more than two decades of experience in the industry.

“The industry is evolving quickly, said John Durnien, SVP at Northpoint. “As consumer demand and buying patterns evolve along with product quality improvement and new features, turnover increases exponentially. Dealers will need to purchase more inventory to stay ahead of consumer demand, and they’ll need creative ways to enhance product turns profitably and quickly. We’re looking forward to helping them with our finance solutions.”

Northpoint is focused on working exclusively with Nationwide as their buying group partner for this industry. As a non-regulated lender, Northpoint offers flexible programs not found in today’s highly regulated banking environment, and can offer a more nimble response. Nationwide’s members will benefit from a faster turnaround and responsive, high-touch service.

About Northpoint Commercial Finance
Northpoint Commercial Finance, with offices throughout North America, is a diversified financial solutions provider offering inventory lending, floorplan finance and asset based financing. An experienced lender, they offer a wide array of program structures to meet the needs of original equipment manufacturers, distributors, resellers and dealers in a variety of consumer and commercial products industries. Their team offers a creative, flexible and personal approach combined with innovative technologies, and streamlined processes. For more information about Northpoint’s product offerings, visit www.northpointcf.com.