Utica Equipment Finance Completes $8.13MM Transactions in June



Utica Equipment Finance completed five transactions totaling $8.13 million in the month of June.

Utica provided the capital to purchase the yellow iron to expand its rental inventory and $1.1 million capital lease secured by yellow iron to a wholesale crawler/tractor rental company located in Washington. With these additional machines the company can increase profitability by providing rentals in an otherwise unopposed equipment class.

Utica provided the capital to purchase the yellow iron necessary to grade the land so that phase 1 of this project can begin, and $2.2 million capital lease secured by yellow iron to a construction company developing a zero-waste community in California.

The company is a manufacturer of precision-machined parts and sub-assemblies in cast iron, non-ferrous castings, steel forgings and sand and permanent mold castings. It secured $2.5 million capital lease by manufacturing equipment to a company in Wisconsin. The company provides secondary finishing for more than 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. It plans to use Utica’s funding for working capital.

A current Utica customer needed funding quickly to purchase collateral and expand its daily operations. It provided a $710,000 capital lease, operating within the manufacturing sector. Within seven days of its initial request, Utica financed the purchase with a $710,000 lease, bringing the total funding to date to more than $1 million. This was the third schedule for this customer.

Utica gave $1.62 million capital lease to a current 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 more than $2.5 million.


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Terry Mulreany
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