This year projected housing starts and new commercial construction projects are up slightly over last year. As construction industry spend is expected to exceed $950 billion nationwide in 2016, some might speculate that this sector is making a major contribution to the U.S. economic recovery. That would cause further speculation that new construction financing for these projects would be relatively simple to come by. However, at traditional financing institutions such as banks, that is not usually the case due to strict guidelines and regulations. When seeking construction financing, one should consider an alternative financing company.
Banks in particular are cautious in their lending practices. Construction business owners with a high FICO still have challenges obtaining traditional financing, never mind those with a blemished credit history. Therefore, while contractors are seeking access to additional business capital, banks may be reining in the amount of credit they feel secure in extending to potential borrowers. Their loan process is lengthy as well, and often takes months. This is where alternative financing firms are uniquely positioned to assist construction businesses obtain additional working capital. Their timeline from application to approved financing can take only a few days.
Construction Business Financing with a Low FICO
National Business Capital is a leading alternative financing company. We strongly believe that assisting our clients to obtain additional working capital is a wise strategy. It will position them well to leverage business opportunities and yet be financially well-situated for the unexpected. Among a number of financing options, we can assist our clients to obtain specialized Equipment Financing, small business loans, or a business line of credit. Our loan decisions are not solely based on FICO scores and even an open tax lien will not immediately disqualify an applicant.
National Business Capital’s approvals are made within 24 hours, and financing is deposited quickly into the borrower’s account. Many clients use their construction business financing to expand their workforce, upgrade their equipment or to purchase building materials and manage their cash flow.