Reliable source of funds for all your needs in the construction businesses

When you are in the construction business, not all the expenses that are to be met are planned ones. The challenging aspect is that most conventional bank loans might not be applicable in such cases. Construction businesses of all sizes including the ones that cater to the allied services like landscaping, plumbing, and flooring, electrical work, roofing, home renovation services, interior design services all fall into this category. But the shortage of funds should not be a stopping factor at any time. For all such cases where bank loan alternatives are required, business funding options like merchant cash advance can help.

You need a bad credit OK merchant

When there are multiple loans running and when the business is relatively new, there would be a very little financial record to track. So banks might not be able to proceed with loans easily. You would thus need a different source of funds, one that also would back you up for possible bankruptcy liens and also handle high NSF (not sufficient funds) cases.

This is where a merchant cash advance lender comes into the picture. You be able to get the funds much more easily than a bank loan and the processing time would be less. One other benefit would be the simpler loan application process and the higher approval rate. Thus, when the need arises you do not have to wait simply to know whether or not you would be receiving the loan and then hunt for alternate funding sources.

When might you need merchant cash advance?

The list is pretty long but there are some common situations where you might find merchant cash advance to be a simpler and a faster way to obtain funds than the other bank loans and unsecured business loans. Here are some purposes for which constructions businesses approach a merchant cash advance funder:

  • Cash flow stability might not occur soon after you start your construction business. But if there is a sudden order to be met where the payment would be received only after the order completion, you might have trouble getting the finances straight. There might the expenses involved in buying the materials and other operating costs to be met as well. In such cases merchant cash advance is useful.

  • If you have a construction project to be taken up in a new place then you might be looking for a new office and then there would be a new team being hired. To handle the costs you might need merchant cash advance.

  • The other case where this alternative funding is useful is the payroll management. If there are cases where all the earnings from the cash flow have been used up, payroll cannot be postponed on these grounds. So you would need quick funds.

There are also other situations like sudden repairs of equipment, tax liabilities, renovation costs or even the advertisement costs that are all prone to occur without prior plans. If the financing plans do not include all of these and if the cash flow is not strong enough to handle them then to avoid the cash crunch a cash advance is the best option.

Loan stacking would make your finances easier to handle

If you have a business loan say a small business loan or any other business funding live already then stacking a cash advance along with it has its own perks. This type of stacking can meet all your immediate finance requirements. A traditional bank loan takes days for being approved. There are numerous documents that would have to be submitted and then a background check would occur to understand the credit performance. This would then be followed by a 50-50 chance of approval or rejection. After all the wait the loan would then be processed. And there are standard loan types meant for certain expenses. The rest are ideally to be managed with the cash flow from the construction business. When this is not possible there are no flexible loans that are available to the normal lenders.

There are also cases where you might have a rented office or have no collateral to use for a loan. So a merchant cash advance and other such no collateral, commercial loans are very useful when clubbed along with the running loans.

Meet various loan positions

Do not simply take multiple loans in order to meet the 2nd, 3rd and the higher position loans. This would simply keep adding up all your loans and in the end, you would have too many loans to handle each month. A better option would be to approach a cash advance provider who can club these to create a single repayment plan. This way all your 2nd 3rd and even the 10th position loans would be taken care of without too much time and efforts.

How much loan would you need?

One other challenge with bank loans is the eligibility amount. Based on your credit score, based on the current cash flow patterns, based on the purpose and other factors there would be a specific limit set on the eligible loan amount. So it might not be useful in those cases when you need a higher amount. But with cash advances, you have the flexibility. Whether you need a small advance of say 10K dollars or something bigger say 100K dollars or more, you would be able to get any amount you desire in a quick and easy way. Unlike most loans that take days to get processed these cash advances are processed much quicker, sometimes even within a day. The interest rates might be higher than the bank loans but you would get other perks like the freedom to choose the long term and short term, easy loan terms and flexible repayments. This is what makes this cash advances greatly for small businesses as well as for startups who are striving to make it big in the construction business. Once you have received your cash advance you could also come back for more as and how the demand comes up.

Quote Form