Results 1 to 5 of 5
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05-12-2015, 11:36 PM #1
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- Mar 2015
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- NY
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Factoring individuals
Does anyone know of any companies that factor invoices that are made out to individuals instead of companies in the construction industry.
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05-26-2015, 01:25 PM #2
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- Mar 2014
- Location
- Ann Arbor, Michigan
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- 1,289
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05-29-2015, 12:20 PM #3
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- Jul 2014
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- Online
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- 965
Question against this-
What if is a construction company with under $50k receivables coming up in the next 180 days? Credit is good, bank balances are good, they need to make payroll due to the jobs they are working on now.
Many companies will not look at those scenarios even though the credit is good, the deposits are low because everything is invoiced. Who can provide a short term factoring deal do a contracting company who has this situation? Line of Credit?Amanda Kingsley
DailyFunder: WhoisKingsley
This is me. https://www.facebook.com/whoiskingsley
I am Here too. https://www.facebook.com/groups/TheClosersGroup
Always Live and Lead with Integrity.
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05-31-2015, 02:11 PM #4
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- Mar 2014
- Location
- Ann Arbor, Michigan
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- 1,289
Hi Amanda.
There are several factors that will operate under the criteria you have set out.
Construction factor look at a few things, size not being one of the major ones.
The first is the credit quality of the obligor and project owner.
the term the obligor has paid in the past.
Is the job bonded? that could interfere with the factor getting paid.
If those questions are answered positively then the deal details determine what a factor can do.
I did well when I was factoring construction recei=vables but learned in a costly way what had to be reviewed.
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06-01-2015, 12:07 PM #5
- Join Date
- Jul 2014
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- Online
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- 965
Bob- I wanted to write you back on here just in case another person has the same scenario. The jobs are not bonded- the deposits counts are low- and the deposits are under $15-20k per month.
The owner has 730 credit score and is looking for a line of $20-30k to use for payroll. Advice?Amanda Kingsley
DailyFunder: WhoisKingsley
This is me. https://www.facebook.com/whoiskingsley
I am Here too. https://www.facebook.com/groups/TheClosersGroup
Always Live and Lead with Integrity.
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