Skid Steer Refinancing

Skid steers are the workhorse of the compact construction and landscaping world, and they accumulate equity faster than most owners realize. A machine bought used at auction and maintained for two or three years often holds more value than the purchase price suggests. A cash-out refinance lets you access that value without selling the machine or hunting for a buyer.

We handle skid steer refinancing from $50,000 in transaction size, which typically covers a single machine in good condition or a pair of smaller units bundled together. The process is the same as any equipment refinance: application, bank statements, machine details, and we come back with a real advance number. No weeks of waiting and no bank committee required.

Most skid steer refinancing involves used machines. That is where the equity story usually lives, because buyers purchase used, maintain the machine, and then hold it long enough for the original loan to pay down. The gap between the payoff and current value is the equity we move for you.

What changes between new and used in the underwriting:

• Advance rates: New machines often carry dealer or manufacturer financing at competitive rates. The reason to refinance a near-new machine is usually to extract cash from a fully paid-off purchase or to replace a short-term bridge loan with a longer-term structure.
• Condition floor: Used machines need to pass a basic condition check. Hydraulic function, lift arm integrity, and quick-attach operation are the key checkpoints. Minor cosmetic wear is not a problem.
• Attachment inventory: Skid steers with multiple attachments (buckets, forks, augers, grapples) can be valued as a package, potentially supporting a higher advance. List every attachment you own with the machine.

Bobcat leads the skid steer market by sheer installed base, and lenders know the resale data well. Caterpillar 226 to 299 class machines and Case SV series units also refinance well. Less common brands may see lower advance rates due to thinner resale market data.

Skid steer owners come from a broad cross-section of the construction and maintenance trades. The cash need is usually one of a few things: a down payment on a track loader upgrade, working capital to fund a large landscaping contract, or capital to cover payroll during a slow payment cycle from a general contractor.

Common profiles:

• Landscaping companies running two to five machines seasonally. One slow winter is enough to create a cash need, and the fleet holds enough equity to bridge it without selling a single machine.
• Demolition and site-clearance crews who use skid steers in tight footprints where larger equipment cannot operate. These machines often have light hours relative to their age because they sit between major projects.
• Concrete flatwork contractors who use compact loaders to place stone base and handle materials on residential and commercial pads. The machine earns consistently but rarely generates the kind of profit margins that leave cash sitting in reserve.
• Utility and pipeline crews who run a skid steer alongside a compact track loader for different surface conditions. Both machines can refinance in the same transaction.

Operators in high-growth metros like Atlanta and Charlotte keep these machines busy year-round. Active usage is a good sign for lenders: a machine earning revenue is a machine that supports the debt service.

Skid steer refinancing is one of the more accessible equipment finance products because the machine is widely understood, widely traded, and the transaction sizes stay below the threshold for full financial underwriting in most cases. Below roughly $400,000, application-only financing applies, meaning bank statements and the application carry the deal without tax returns.

What you need ready:

• Business name, contact info, years in business
• Machine year, make, model, and serial number
• Current hours (read the hour meter before you apply)
• Payoff statement or lien information if applicable
• 3 months of business bank statements

Credit requirements: We look at B and C credit. A score in the 560 to 620 range is not automatic disqualification. The B/C credit track considers the asset value and cash flow as primary factors. If your credit took a hit from a business slowdown, a bad subcontractor relationship, or a medical event, the context matters. Include a brief explanation with the application.

Small-ticket equipment refinancing closes faster than large transactions because less underwriting depth is required. A skid steer deal costing on the order of $50k to $150k with a clean application and three months of bank statements typically moves like this:

• Day 1: Application and bank statements received. Machine details confirmed.
• Days 2-4: Underwriting completes. Soft credit pull. Equipment value assessed.
• Day 4-5: Approval issued, term sheet sent. You review and approve.
• Days 7-10: Documents signed and returned. Existing lien paid off if applicable. Funds wired.

Operators who need capital quickly should have the serial number, current hours, and any lien details ready on day one. That preparation alone removes the most common source of delay in compact equipment deals.

These are the underwriting points the desk uses to turn the taxonomy page content into a real cash-out structure.