In the construction industry today, many projects are fueled by small businesses that need working capital and equipment to keep up with the ever-increasing demand of new developments and construction opportunities. Our client came to us with a major challenge: He had an extremely low, personal credit score and could not get financing through other sources such as his bank or credit union. He also had several tax liens on his credit report.
Our client needed nearly $200,000 to acquire four dump trucks for a new contract he landed to earn more business.
We were able to work with this business owner to get him into our Asset & Collateral Based Heavy Equipment Financing Program. The client was able to pledge free and clear pieces of heavy equipment to meet our collateral requirements. Despite the customers low credit score and current tax liens, our team was able to use some additional equipment that he owned free and clear as collateral to complete the transaction.