Construction finance provides bespoke funding for all areas of the construction industry, tailored to meet the particular needs of the sector.
Though many lending lenders are reluctant to finance the construction industry and trades, we have links to those that will provide funding with additional expert advice as part of the package.
Construction finance packages have been adapted to include uncertified applications for payments which are likely to occur during your construction projects so you receive a cash advance at the point of raising an application rather than waiting for it to be certified.
How does construction finance work?
All you need to do is…
1. Raise an application for payment or invoice as usual
2. Send a copy of the application and supporting documentation to the finance company
3. The funder will then confidentially verify the application or invoice
4. You’ll be paid a set percentage of the application or invoice dependant on the industry and contracts involved within 24 hours
5. Once your customer pays, you receive the remaining amount minus some fees
How will construction finance benefit your business?
• Through the use of funders with dedicated construction factoring teams of quantity surveyors and recovery specialists, you’ll benefit from an expert service, ensuring everything runs smoothly whilst receiving payments for a job well done
• You’ll receive funding against outstanding invoicing and applications within 24 hours
• No more waiting for applications to be certified
• By receiving an almost immediate advance on applications, you get the cash you need to afford supplies, wages and other investments required to complete a job and grow your business
• Your customers don’t need to know that you are using a factoring service – it can be offered confidentially, so that you maintain your existing relationship while benefiting from industry experts
• You can add Bad Debt Protection to your finance package and have peace of mind that you’ll get paid should customers become insolvent or are unable to pay
• You will stay in control of your finances via live online account information which is always accessible