Construction factoring is a specialty. Many factoring companies refuse to work with construction companies. Whitmore Financial takes a different approach. With the many financial options we can use qualifying invoices, equipment, land and even a personal guarantee.
Progressive billing is what makes the construction industry so difficult at times. Progressive billing means that the project is not considered complete until the entire project has been completed. This is problamatic because any invoice if determined later in the process to be incorrect or incomplete can be charged back to the contractor and at that point the factoring company is out the money advanced on that particular invoice.
Many construction companies are now requiring that each individual invoice be treated separately. Each invoice represents a mini project and is considered complete after being approved. This is perfect for factoring of construction invoices. Therefore that invoice can be factored and then the hiring entity will pay out each invoice net 30 or 60.
Construction Companies commonly require money for equipment, land or parts. Whitmore Financial has factoring or other solutions for all the needs of the contractor. If we don’t have a solution we will find one and present our client with the best solution in the marketplace.
Whitmore Financial has experience in Equipment financing, commercial financing, SBA and all types of asset lending. We pride ourselves in having a solution for any situation.