When a new construction job comes along, paying vendors for materials while waiting for the next progress payment can strain a company. Arizona-basedCreditSuppliers.com, a specialty lender in the finance space, is providing a new type of revolving capital for registered contractors.
Using a new underwriting technique, the company provides from $5,000 to $500,000 credit for materials. Technology allows the lender to see when the progress payment is generated, and it is repaid at that stage.
With the guaranteed recapture, CreditSupplier uses a non-FICO score-based underwriting system, according to CEO James Nielson.
“We’re able to underwrite material purchases when a bank is unwilling or unable to extend credit to a contractor for a job,” he said.
Nielson says that the $12.5 million the company has available helps builders grow and extend lines of credit from suppliers.
“We have the program established so that it can be used by either material suppliers to create a credit instrument for customers or contractors to tap in order to supplement cash flow between task completion and payment,” he said.
Eric covers economic development, banking and finance, infrastructure, transportation and utilities.
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WHETHER YOU LEASE OR OWN
NOW IS THE TIME FOR YOU TO EXPAND, UPGRADE OR INVEST.
we are at on the a rise of the cycle in Commercial Real Estate. so there is only one way and it’s called we are going up and now is the time for you to expand, upgrade or invest in Commercial Properties in Phoenix. The prices on deals I may get you will not be around forever.
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