Los Angeles, CA -- (SBWIRE) -- 05/28/2013 -- Many construction companies are strapped for cash as a result of slow pays, few projects, limited income and developer bankruptcies. This puts construction companies in a tight financial pinch. Many have trouble meeting payroll or acquiring supplies to complete the project. Traditional lending is not an option so they must look elsewhere for funding. Because of this, VMI LLC has announced a new fast track construction equipment financing program that gives working capital to companies that own heavy equipment free and clear. With this new program, loans against equipment are an alternative to traditional lending options.
The types of heavy equipment considered are excavators, loaders, tractors, dozers, scrapers, graders and even trucks. VMI is one of the few companies that will accept titled vehicles like dump trucks, water trucks and rigs. Most brands are accepted such as John Deere, Caterpillar, Hitachi, Volvo, Peterbilt, Kenworth, Freightliner, Komatsu, Case and New Holland.
Under this new fast track construction equipment financing program, the construction companies pledge their free and clear heavy equipment as collateral in exchange for an asset based business loan. The loan proceeds can be used for working capital, materials, payroll or however the company wishes to use it. Both good and bad credit types are accepted. The construction equipment qualifies for the loan not just the personal credit of the owner of the construction company. Funding amounts range from $20,000 up to $2 Million. Funding takes place in a matter of days not months.
Construction equipment financing is the best solution for construction companies that need working capital. To help construction companies get the working capital they need, VMI has a three easy step process in which to get a loan against equipment fast. The first step is to complete the one page application. Step two consists of VMI reviewing the pledged construction equipment for approval. Once approved, a formal approval form is sent to the applicant. The final step is funding. This usually takes three days from receipt of signed approvals.
About VMI LLC
VMI LLC provides construction equipment financing for companies that need working capital. Construction equipment funding is available for tractors, excavators, bulldozers, loaders, graders, scrapers, dump trucks, cranes, forklifts, backhoes, steers and other heavy equipment. Working capital loans are approved based on the equipment, not just credit. For more information on getting a working capital loan using equipment, please visit http://www.financeheavyequipment.com