Faster Turnaround Times
Traditional banks can take months to respond to your application for funding and even longer to disburse funds. By contrast, alternative lending companies can often provide you with a decision on your loan application within a day or two and can disburse your funds much more quickly. This can make a big difference for construction firms who must maintain a positive cash flow to complete ongoing projects for their clients.
Alternative lending companies use different criteria than most banks. These companies emphasize evaluating the real estate benefitting even for those with credit problems in their past or with a minimal credit history. By submitting your loan to an alternative lending company, you can significantly increase your likelihood of approval for your loan application.
Simpler Application Forms
Bank loan applications require extensive paperwork and documentation before your loan can be considered and potentially approved. Most alternative lenders streamline the application process to make it much easier for you to obtain the cash you need to upgrade equipment, acquire new machinery and meet your financial obligations in the construction industry.
More Flexible Terms
Alternative lenders can also offer terms and payment options tailored to suit your needs. This can be especially important for construction firms that rely on customer payments to meet their financial obligations. By working with your lending company to create arrangements that work for your operating model, you can enjoy greater peace of mind and improved cash flows for your construction business.
Fewer Restrictions on How You Use Your Funds
Banking institutions and credit unions may be bound by federal or state laws that restrict the ways in which you can use your loan funds. By contrast, private direct lending companies can allow you to enjoy a much greater degree of freedom in how the funds you receive can be used. This can provide you with added flexibility in the projects you take on and the clients you can serve in your local area.
A More Personalized Approach to Lending
Choosing an alternative lending company can ensure that you are more than just another figure on a balance sheet. Your lender will work with you to create a customized loan that suits your needs and provides you with the necessary funds to pay for vendor invoices, to invest in new equipment and to manage all your current and future projects.
Give us a call today
1-800-444-2948 or visit us online to submit your loan request.