Do you do construction work for general contractors or commercial clients? Construction subcontractors usually have to wait 30 to 60 days to get paid for their invoices. In the meantime, you still have to cover office, employee and supplier expenses.
Our construction factoring financing program can advance funds against your invoices, providing funds to pay employees and suppliers. As opposed to other types of financing, construction receivables factoring is easy to get and can be setup in days.
The most important requirement to qualify is that you do business with reliable general contractors or commercial clients.
(Note: we can only work with subcontractors that invoice at least $40,000 per month.)
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Factoring construction invoices has a number of benefits. The most important one is that it will provide your construction business with predictable cash flow. Other benefits include:
- No need to wait to get paid for your work - you get an advance quickly after invoicing
- Grows with your business. Your construction factoring lines grow with your projects
- Factoring is easy to obtain and can be set up very quickly
How does it work?
The program is simple to use and can easily be integrated to your business. The program works as follows:
- You complete the job segment. You send an invoice to your client and a copy to the factoring company
- The invoice is verified with the general contractor (or commercial client)
- You get the first invoice advance, usually 70% of the invoice
- Once your client pays, you receive the remaining 30% funds, less a fee
The most important qualification requirements are:
- You must do business with general contractors or commercial clients
- Your client or GC must be a reliable payer
- Your business must invoice a minimum of $40,000 per month (there is flexibility in this area)
- Your company must NOT have a performance bond for the invoices you wish to factor with us
As a leading construction factoring company, we can work with subcontractors in all fields. Here is a small sample of the clients we work with:
Get an instant construction factoring quote? Questions? Call (866) 730 1922
Want more information on factoring construction receivables? You can go to the factoring resource center, or read these articles: