Asphalt paver financing

An asphalt paver is the center of a paving crew and the most expensive machine on it, and a contractor who moves from subcontracting the paving to owning a paver changes what he can bid. iFinancial Group finances pavers new or used, with the screed and the rollers behind it on the same approval, on a one-page application. No tax returns and no audited financial statements to apply, no minimum and up to $1,000,000.

Who you're dealing with

iFinancial Group has funded equipment since 1997, roughly $600 million of it, in all 50 states. We're a direct lender, not a broker, so the file is underwritten in house and not shopped around. Our customers have ranged from independent manufacturers to global technology companies. We've barely advertised in almost three decades. The business came from repeat customers, referrals, and vendors sending us their customers.

What you're financing

Commercial class pavers, the 8 to 13 foot machines that pave parking lots, driveways and city streets, typically list new from about $200,000 to $400,000. Highway class pavers with 10 foot screeds extending to 20 feet run $500,000 to $800,000 and up. Small tracked pavers for paths and trails run $90,000 to $160,000.

Those are market ranges. The maker, the hours, the screed and whether it's wheeled or tracked move them.

What goes on the same approval

The paver, the screed with its extensions, a material transfer vehicle on a highway crew, the rollers that follow the paver and the trailer that moves the paver go on one approval. A paving train financed as one package is one payment for the whole crew.

Freight, an extended warranty and operator training are soft costs and can ride on the same deal, on many deals up to 30% of the total.

Who buys them and how the payment gets covered

Asphalt paving contractors, from the two-crew company doing parking lots up to the highway contractor, plus municipalities and airports that self-perform. Paving is billed by the ton or the square yard and runs from the day the plants open in spring until they close in late fall.

That season is why seasonal payments are the normal structure on a paver: weighted into the paving months, stepped down through the winter, and a machine delivered in March can defer its first payment up to 90 days until the plants are open.

New or used

A commercial class paver six to twelve years old typically trades from about $80,000 to $250,000. Pavers run long lives when the screed is maintained, and dealers, auctions and private sales between paving contractors all move them. All three are financeable here.

On a used paver, the screed plates and heating system, the conveyors and augers, the hopper wings and the hours get the inspection. On the financing side it's the invoice or bill of sale, the serial number, and proof of what was paid. There's no title; the lender's claim is a UCC filing against the serial number.

What slows a paver deal down

A highway class paving train above $1,000,000 is written under a master lease so one approval covers the paver, the transfer vehicle and the rollers. Below that it's the same one page.

A contractor moving from subcontracting the paving to owning the paver is leaving a supplier, not starting a business, so the file is the existing company's. That's a shorter review than a startup, and the paving work already on the books is the useful thing to have in hand.

How it works with iFinancial Group

It's the same one-page application whether the equipment is small or the deal runs to $1,000,000: no tax returns and no audited financial statements to apply, no minimum and up to $1,000,000. Decisions typically come back within 24 hours, and an approval holds up to 60 days. New and used equipment, terms up to 84 months, and soft costs up to 30% so freight, setup and training can go in the same deal. Payment structures beyond level payments are there when the equipment earns unevenly. We've been doing this since 1997, in all 50 states.

Other construction equipment: excavator, mini excavator, skid steer, compact track loader, wheel loader, dozer, backhoe loader, motor grader, telehandler, compactor, aerial lift. Or start with construction equipment financing.