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Some factoring companies specialize in construction factoring. Construction factoring companies are familiar with the unique challenges of the construction industry. They understand the inherent risks associated with construction contracts, such as progress billing payment methods, percentage of completion and milestone billing, as well as lien statutes.
Construction subcontractors face cash crunches due to paying employees, contractors and suppliers. Small independent subcontractors typically operate without huge cash reserves. Further, most general contractors and commercial customers wait until 30 to 60 days to pay their invoices. Fortunately, construction contractors can turn to construction invoice factoring for help.
You get paid immediately for completed jobs, progress billings and pay apps without having to wait 30 to 90 days for customer payments. You can pay your employees and sub-contractors while taking on more jobs that otherwise you can’t fund.
Construction factoring is a valuable financial tool for contractors who need to pay employees and suppliers quickly and easily. Receivables financing is particularly helpful if you have slow-paying customers or large fluctuations in cash flow.
Lien statutes protect contractors and material suppliers who contribute to the value of a construction project. States differ widely in the method and time within which a party may act on their lien. Construction factoring companies know how to handle the complexity of lien laws.