CIT, a division of First Citizens Bank, announced that the Industrial group within its Equipment Finance business provided more than $5 million toward the acquisition of multiple pieces of heavy equipment by a large construction firm.
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The 10 items of heavy equipment financed by CIT include 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,” said Harold Ray, director of the Equipment Finance-Industrial business. “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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CIT’s Equipment Finance business works with manufacturers, distributors, resellers, dealers and systems integrators to finance their equipment, software and services to commercial customers. Its Industrial group maintains a special focus on the financing of construction and industrial equipment.
Equipment Finance is part of CIT’s Business Capital group, which empowers small and mid-size businesses by providing equipment financing solutions via technology-enabled platforms and market leading structuring expertise.
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