Trade and debtor finance are well established in the marketplace as legitimate lines of credit for those in a B2B environment and there’s now a sizeable number of lenders offering much more competitive rates than in years gone by. But an easy solution isn’t always available for those in the construction or construction-related industries who rely on progress payments. Enter Progress Claims Finance.
How does it work?
Case Study: A contract is secured to provide 120 kitchens in a unit complex with a value of $1.2M. The contract allows for progress claims to be made each month when the subcontractor issues an Application for Payment and a Payment Schedule is issued by the head contractor. Progress Claims Finance would provide a line of credit up to the value of 70% of the Payment Schedule value.
This is a legitimate line of credit solution that does not require property as the line of credit secured against the value of your progress payments.
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#civilconstruction #builder #postcovid
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