Construction equipment financing is provided only to a specific group or individuals who are builders and contractors committed to infrastructure development. There are several equipment or vehicles that are required for construction purposes. They may include bulldozers, excavators, backhoes, dump trucks, loaders, tower cranes, etc. used for the construction of roads or highways, buildings, parks, parking lots, etc. The full list of
equipment used for raising a structure is given below in this article.
The above-mentioned equipment are very, very costly, and financing or leasing remains the best or the only alternative for these building companies in order to run their businesses without hurdles and hiccups. While financial services are a saving grace, CMS Funding is solving a lot of puzzles with its
customized funding solutions. CMS is an established name delivering funding solutions in the United States of America for more than 20 years, with customer service being its topmost priority. CMS Funding also swears by its quick loan approval time, within 24-48 hours of receipt of application.
There’s a reason why CMS Funding is a leader in providing financial services. With its nationwide presence, the company is way ahead of its competitors which only service locally. CMS Funding is also a leader in equipment leasing solutions. That’s why CMS is what your construction business needs right now.
For construction equipment financing, a company will have to fulfil norms set by financial service providers.
CMS Funding Offerings
There’s a range of funding offers provided by CMS for construction equipment, with loans
starting from $25,000, financial assistance for new and used equipment, etc:
1. Financing From $25,000-$5,000,000
2. A, B, C, and D Credit Considered
3. New and Used Equipment
4. Any Business Crucial Equipment Considered
5. Tiered Start-up Financing up to $100,000
6. 90-day Deferred Payment Options
7. Quick Approval
8. Working Capital and Bridge Funding Available
9.No Financials or Returns Required up to $150,000
Documents Required For Construction Equipment Loan A financing service firm has to run all the necessary checks before approval and disbursal of
the amount to the company or individual applying for the loan. There are a few documents that would be required by the borrowers to furnish to the financing establishment during the process of the application. These documents may include:
CMS Funding provides some of the bankable offers like no corporate tax returns for the financing of up to $150,000.
Up to $150,000
1. Sign and Dated Application
2. Equipment Invoice or Printed Description – Include Model, Year, Hours/Miles and Price
3. 3 Months of Business Bank Statements
Over $150,000 – In addition to the above
1. 2 Years Corporate Tax Returns
2. Interim Financials (P&L and Balance Sheet)
3. Current Debt Schedule
Eligibility
As mentioned above, the loan is provided only to a specific group of companies or individuals who are in the construction sector. However, the financing criteria in this sector are different from the usual business loan.
There are different criteria for providing financial assistance for construction equipment. But there are some common measures followed by financial services establishments:
A). A self-employed individual, sole proprietorship firm, company, partnership firm, limited liability partnership or a private trust
B). A mine owner or a contractor or a builder
C). At least one year of experience in running the business
Types of Construction Equipment
1. Excavators
2. Backhoe
3. Dragline Excavator
4. Bulldozers
5. Graders
6. Wheel Tractor Scraper
7. Trenchers
8. Loaders
9. Tower Cranes
10. Pavers
11. Compactors
12. Telehandlers
13. Feller Bunchers
14. Dump Trucks
15. Pile Boring Machine
16. Pile Driving Machine