The housing boom may not be back but there is a huge uptick in contractors in need of business capital to fund projects. The construction sector is growing steadily and the demand for capital to help fund contracts is as well. Loans for contractors is on the rise, especially this time of year (late winter/early spring).
The dilemma most of them have is not just finding capital but finding it quickly within a few weeks. Although they may have great business and personal credit, a traditional bank cannot accommodate them with fast capital as most of the time it can take at least 30 days or longer to get funding. Alternative lenders are the source for fast capital and can provide loans for contractors in just 5-7 days.
Loans For Contractors and Construction Companies
Usually, a contractor may find themselves with very little work after the summer as once the winter comes things tend to slow down due to weather. Come late winter and early spring people in general begin planning for renovations, development of housing communities, rehabbing of commercial properties, deck building, etc. Contractors start to bid on jobs that will keep them busy throughout the spring and summer. Once they win a bid they will get a deposit but most times it will not be sufficient enough to cover new hires and supplies. They can’t wait for a bank loan or maybe their credit is a bit sketchy. Approaching an alternative lender is often the best avenue to take as everything moves very fast.
Applications are a single page and the document requirements are minimal. Lending decision take only 24-48 hours and if approved you can receive the capital you need in just a few days. Amazing how an alternative lending institution in less than a week can shell out $10,000, $20,000, or even $150,000 to someone they don’t know, without any collateral. That’s the kicker. these alternative loans for contractors are unsecured and based primarily on business performance (and partly on credit). Even if you have a tax lien you can still get this type of funding.