The industrial group within CIT’s equipment finance business provided more than $5 million toward the acquisition of 10 pieces of heavy equipment by a construction firm.
The items of heavy equipment financed by CIT included articulated dump trucks, excavators and wheel loaders. The borrower’s construction firm, which operates throughout the Southwest and Midwest, focuses on large residential developments and commercial infrastructure projects.
“Demand is strong for infrastructure construction and the heavy equipment needed to complete it,” Harold Ray, director of the equipment finance industrial business for CIT, said. “Speed of execution is important to us and we anticipate more opportunities to finance these kinds of equipment assets in 2022 and beyond.”
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