What it takes to qualify for Construction Supply Chain Finance and close this week

As previously mentioned (7/16) in this blogfeed; this construction supply chain revolving lines of credit finance source averages from $250K to $5M but can go as high as $25M on exceptional deals

20 point DETAILS on program of fintech firm flush with a new round of $100M to lend:

(1) Program is for General Contractors and Sub Contractors that purchase their own supplies and pay for their labor for the completion of construction projects

(2) PLEASE NOTE – This is not real estate financing. It is a business product for the GC and subcontractor and not the real estate owner

(3) Amount averages $250K to $5M

(4) Funding occurs within 24 hours of approval. THAT’S RIGHT – 24 HOURS – this is possible as it is a fintech lender

(5) Client interested in the program must be able to provide 3 trade references

(6) 2 years tax returns required for requests over $500K

(7) Contractor can have existing senior debt (credit line, bank loan, etc.) existing accounts receivable financing, existing MCA’s and the fintech lender does not care. They will lend behind these products.

(8) Credit score is not of major interest

(9) Client must have an invoice for at least $250K minimum they can supply for funding of the materials they are looking to purchase

(10) Residential contractors OK but fintech lender prefers commercial contractors

(11) Program allows contractors to bid on more projects even if their existing capital is tied up in current projects

(12) Fintech lender will pay the supply house immediately upon being provided the invoice. The supply house that provides the material directly benefits because of the materials sold on a Net 30 or Net 60 day; the receivables go down as fintech lender pays within 24 hours

(13) Contractor gets up to 150 days to repay the fintech lender

(14) 1% interest per month cost on the line

(15) 3.5 points charged per draw

(16) Line can be repaid at anytime

(17) Contractor can be located in any of the 50 US states

(18) Not lending to international contractors

(19) Government Contract work is of interest

(20) Increases the liquidity of a contractor for paying for materials and labor

What you need to GET STARTED! :

(a) Contractor company name

(b) Owner name

(c) email

(d) Phone number

(e) Address

(f) Type of work done

(g) 3 trade references

(h) Target amount requested

(i) Provide “live” invoice from $250K

SUM up these items on the INTAKE FORM found on GLOBALCROSSROADSCAPITAL.COM

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s