Build it with construction factoring
Obtaining capital can be tough for those in construction. Because it is a high risk, project-based business, many banks won’t offer lending to builders, construction companies, contractors or others in the trades. Construction is a business with hefty expenses, including payroll, large equipment, materials, fees & permits, and more. As such, having sufficient cash flow and working capital on hand is necessary to complete one project phase and move to the next.
Accessible construction financing
That’s why many builders choose construction factoring as their financing option of choice over banks. Construction invoice factoring companies are willing to take on the risk associated with the industry. Moreover, reputable construction factoring companies, those familiar with the industry nuances, understand the restrictions and limits put on construction companies. They are able to work with mechanics liens and other barriers to obtaining capital.
Newly launched businesses, subcontractors and other small businesses can also qualify for funding via construction invoice factoring. There’s no minimum amount required to qualify for funding. In addition, construction factoring companies do not require your business to be “established.”
Get the gear you need with construction equipment financing
Construction equipment financing can be used to cover the cost to purchase or lease new equipment, machinery, materials and other expenses so you don’t have to put your project on hold while you wait for money owed to you. Without proper equipment, your project can take longer than planned to complete, which generally costs you more money in terms of labor.
Payroll is also a major expense for those in building. Covering the paychecks of union carpenters, welders, and plumbers doesn’t come cheap. Construction financing can allow your business to get on a regular cash flow cycle so you never have to be in risk of failing to meet payroll obligations.
How does construction invoice factoring work?
With construction financing you can collect on 70-92% of the value of your invoice in a matter of 2-3 days in most cases. To reduce your costs of construction factoring, choose the most recent invoice with the highest dollar value. Construction factoring companies collect the invoice on your behalf and as an added bonus, deal with the hassles and stress associated with collecting payment.
1508 Plaza Encantada NW, Albuquerque, New Mexico, 87107
220 Ave I , Redondo Beach, California, 90277
2510 Solway Road,, Knoxville, Tennessee, 37931
5540 Centerview Drive, Raliegh, NC, 27606
P.O. Box 116, Manchester, Connecticut, 06045
10800 Lyndale Ave S Suite 365, Bloomington, Minnesota, 55420
3100 Pinebrook Rd. Suite 2200, Park City, UT, 84098
5201 Blue Lagoon Drive, Miami, Florida, 33126
650 5th Ave, 24th Floor, New York, New York, 10019
2605 Old Belden Circle, Tupelo, Mississippi, 38801
1450 Bickell Ave. Suite 2660, Miami, Florida, 33131
1600 Expressway Plaza, Hauppauge, New York, 11788
4700 South State Street, Salt Lake City, Utah, 84107
340 SE 1st Street, Delray Beach, Florida, 33483
2751 Hennepin Ave, Minneapolis, Minnesota, 55408
250 Yonge St #2201, Toronto, ON,
111 Woodstone Place, Dawsoville, Georgia, 30534
12747 Biscayne Blvd, Miami, Florida, 33181
187 W Broad St, Spartanburg, South Carolina, 29306
5401 Gamble Drive Suite 200, Minneapolis, Minnesota, 55416
400 Kelby St., Fort Lee, New Jersey, 07024
20 Pacifica, Suite 360, Irvine, California, 92618
10559 Citation Drive Suite 204, Brighton, Michigan, 48116
257 East 200 South, Suite 350, Salt Lake City, Utah, 84111
8750 N. Central Expressway | Suite 900 LB 9, Dallas, Texas, 75231