Dismal Outlook: In recent months, funding sources for construction trades have rapidly declined. Many lending institutions have stopped offering any form of construction or contractor based financing. One of the largest banking institutions exited the market early 2008, thereby devastating many small contractors / sub-contractors. Since that time there has been few options available in the secondary market.
Secondary Market: There are few options in the secondary lending market for contractors / construction workers. Certainly, some asset-based lenders exist in the secondary market; however, if a contractor had assets to back a loan they could have used conventional funding sources in the first place. Some business owners will then look to a factor for assistance.
Factoring Options: Most factoring companies are volume driven and have minimal time to work with small or medium sized contractors. This issue is compounded by the complexity and diversity in the construction and contractor trades. For a factor to successfully help a contractor, they would need to spend an exorbitant amount of time (by their standards) to understand the contractor's business. This is not an option for most factoring operations, as the time involved would make the service cost prohibitive and impractical. There is a one company who will make the difference and help construction companies: Construction Funding from Compound Profit.
Compound Profit Solutions: Construction factoring by Compound Profit is an ideal service for most construction / contractor funding requirements. Compound Profit and its 300 local representatives are customer service driven and unlike other factors, do not require high volumes of business. Compound Profit specifically targets the construction trade and are experts at dealing with the complexities of this industry, providing working capital through construction factoring, as well as construction equipment financing, even for startups.
Construction Funding Solution: Compound Profit now has national and international locations in North America and their teams have been providing funding to contractors and sub-contractors in the construction and other trades for years. If you are a sub-contractor who needs capital to expand your business, contact Compound Profit today.
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construction funding, factoring
factoring, construction funding