[Karen37a]

I have a construction company

690 credit score

5 years in business

10 nsfs over 4 months 3 neg days

10 deposits 3 months 2 another

600k a month in revenues

He has a mechanic lien of 30k another for $1200


Direct Funders only He has a performance Bond

pm me

[Zach]

I know you mentioned factoring, but with real estate collateral WBL can potentially get them $1.2MM... maybe more if they have large upcoming contracts.

[bdshaw]

Here's one example of why most factors won't deal with contractors. The factor relies on the contractor to pay their subs and materials. When they don't the owners get hit with a lien and deduct that from what they owe the contractor. The result is the factor does not get paid.
Bob

[Karen37a]

Hence the reason I am throwing a hail mary up in the air on this post. This is like a niche within a niche and not my wheelhouse

[Karen37a]

Isn't there a blanket lien they could use? And if not if he settles the mechanics lien is there a waiting period after..or just proof of settlement

[omegafund]

I have some factors that specialize in contractors. As long as they are a sub and do the work themselves, prefer not bonded on the work., no retainage. Would have to payoff liens

pm you

[RichardGerard]

I work closely with a Construction Factoring firm that has no issues with Retainage, paid when paid, Milestone billing etc.. Very hands on. With a client that is billing 600k a month - with likely 900k in open paper, the biggest issue is whether the clients are credit worthy. If they are I can definitely assist..

Richard 516 510 3855

rg@businesscapitalconsultants.com

775 Park Avenue Suite 255
Huntington, NY 11743

[TedFundy]

We are a direct lender that works directly with construction companies. That is our specialty.

Contact me

Bill
allamericantrust.com

[bdshaw]

Ted: would you please layout some underwriting criteria that will teach the ISO's how to recognize a construction deal that may be financed.
I'm glad we have someone with that particular expertise here on the DF.
Bob

[TedFundy]

Ted: would you please layout some underwriting criteria that will teach the ISO's how to recognize a construction deal that may be financed.
I'm glad we have someone with that particular expertise here on the DF.
Bob

Good idea.

UW Criteria for construction deals:

-doing 50k/month or more in work for a creditworthy commercial firm or gov't
-current in tax payments (if not, a payment plan is in place)
-no UCC's filed with other financial firms (but, we can work with banks)
-need to see their AR and AP
-no bank statements needed

[bdshaw]

Thanks guys.
Bob

[phantompip]

send me the deal mcohen@unitedmerchantsavings.com