Utica Equipment Finance Funds $8.13MM in June
Utica Equipment Finance completed five transactions totaling $8.13 million in the month of June.
Utica completed transactions in the following states:
A $1.1 million Capital Lease secured by yellow iron to a wholesale crawler/tractor rental company located in Washington. Utica was able to provide the capital to purchase the yellow iron to expand their rental inventory. With these additional machines the company can increase profitability by providing rentals in an otherwise unopposed equipment class.
A $2.2 million Capital Lease secured by yellow iron to a construction company developing a zero-waste community in California. Utica was able to provide the capital to purchase the yellow iron necessary to grade the land so that phase 1 of this project can begin.
A $2.5 million Capital Lease secured by manufacturing equipment to a company in Wisconsin. The company is a leading manufacturer of precision-machined parts and sub-assemblies in cast iron, non-ferrous castings, steel forgings, and sand and permanent mold castings. The company provides secondary finishing for over 100 different machined components in various materials for OEM, tier 1 automotive suppliers, and other industrial segments such as on and off-highway diesel engines, agricultural equipment, and construction vehicles. They plan to use Utica’s funding for working capital.
A $710,000 Capital Lease to a current Utica customer, operating within the Manufacturing sector. The customer needed funding quickly to purchase collateral and expand their daily operations. Within seven days of their initial request, Utica financed the purchase with a $710,000 lease, bringing their total funding to date to over $1 million. This was the third schedule for this customer.
A $1.62 million Capital Lease to a current Utica customer secured by new vehicles for a Ride Sharing Company. Utica was able to provide financing to grow operations and purchase 90 new vehicles. This was the third schedule for this customer, bringing their total funding to date to over $2.5 million.