“We stand apart from our competitors in that we specialize in construction factoring, and we have real-world construction experience,” Coker told me via email. The company includes a two-year contract requirement term, but a sub could end the contract earlier if there’s no outstanding balances. They also allow subs to borrow up to $500,000 at any time. The entire application process takes as little as five minutes, according to Tara Coker, the VP of Business Development.Ĭonstruction Finance has no application or underwriting fees. We can factor invoices as they want to factor or have cash flow needs.” Construction FinanceĬontractors can apply to factor an invoice with Construction Finance on their company website. “Capstone offers a single invoice factoring program to subcontractors wherein they don’t have to send us receivables under a multi-year contract with minimums. “When subcontractors work with us and help us communicate with the debtor what we’re trying to accomplish, it significantly speeds up the process,” said Thomas Ingrassia, Capstone Capital Group’s Vice President of Due Diligence and Underwriting. As for fees that are separate from the factoring rate, Capstone Capital Group has a standard wire transaction fee of $30. Their application process takes about a week, depending on processing time for the Secretary of State where the business is incorporated.Ĭapstone Capital Group has a $400 due diligence application fee, and they include a varying credit check fee on the onset of the transaction. Capstone Capital Groupįor subs that are interested in spot factoring their invoices, Capstone Capital Group can help when contractors need quick cash. “We will work with banks and other creditors through intercreditor agreements to make sure can get funded,” said Chambers. “They need to be upfront with the GC before factoring the invoice.”Ĭhambers also notes that CapitalPlus has a range of funding options, with invoices being factored for as low as $10K and as high as $10M. “A customer has to approve that the invoice is valid,” Chambers told Levelset. Other than that, CapitalPlus has no fees, which means there are no early termination charges.ĬapitalPlus encourages subs to communicate openly with the GC, and to factor invoices only for work that has already been completed. CapitalPlus does charge a $25 wire transfer fee on all transactions. When invoices are above half a million dollars, there’s a fee scale that depends on the size of the facility. According to Executive Vice President Brent Chambers, any invoice under $500K is not subject to an application fee. With CapitalPlus Construction Services, the application process takes between 48 hours and 72 hours for both spot and contract factoring. Our rates are lower than most competitors and we have no contracts.” CapitalPlus Construction Services “You don’t have to do your entire client ledger. “We offer contractors spot factoring services,” according to BlueVine. BlueVine also has no administrative costs and no additional fees. Applications can be processed within 24 hours, and if the sub accepts their offer, they can receive their funds that day. We’re trying to fund as many small business as fast as possible.”īlueVine’s application process takes as little as 10 minutes online. We’re trying to move the application as fast as possible. Once the application goes to underwriting, we might need a tax return. Contractors just need to submit documents as fast as possible. “We try to get in the system as fast as possible. “Once the invoice is paid, contractors will get the other 15% of the advance rate minus the fees that we charge,” a BlueVine representative told Levelset. While the initial minimum amount is $5,000, repeat customers are only required to have a minimum invoice of $500 per month. Minimum invoice amount: $5,000 per monthĪccording to a BlueVine representative, the maximum invoice amount for contractors is $5 million per month. Advance Rate: 85% of the invoice amount.Top construction factoring companies BlueVine
0 Comments
Leave a Reply. |
Details
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |