Can I qualify foran general contractor loan? , if I have bad credit?
Yes, even if you have a bad credit history, there are general contractor funding options available to you. At this time, short term loans, working capital, equipment financing and invoice financing are great options for those with less than average FICO scores.
How do I apply for a general contractor loan?
You can apply for a general contractor business loan through Upwise Capital, we make the application process very simple for you. Simply visit our online application here or call us directly to apply over the phone at (646)837-5522.
The amount of paperwork required for your application will depend on the product you are interested in or what your business will qualify for.
Step 1: Choose the right product for your general contractor business
- The first step is choosing the best financing or loan option that most aligns with your business needs. Consider what you’re using the funds for. Are you covering a short-term or long-term cost? Are you financing equipment or factoring receivables? We can assist you with choosing the best product for your needs, just give us a quick call at 646-837-5522.
Step 2: Gather & Submit Your Documents
Secondly, here is a list of documents required for most general contractor loan types:
- Driver’s license
- Voided business check
- Bank statements from the past three months
- Invoice for equipment (for Equipment Financing)
- Credit card processing statements from the past three months (for Merchant Cash Advance)
- Accounts Receivable Aging Report (for Accounts Receivable Factoring)
- Accounts Receivable (for Accounts Receivable Factoring)
- Debt Schedule (for Accounts Receivable Factoring)
Step 3: Fill Out an Application
- Third, you can begin the application by filling out our online application or calling us directly.
Step 4: Speak to an Upwise representative
- Fourth step, once you’ve submit your application, an Upwise representative will reach out to learn more about your business and explain your available options. Here we will go inform you of the repayment structures, agriculture loan rates or the equipment financing rates, terms, conditions, etc. This way, you won’t have to worry about any hidden fees during the closing or repayment process.
Step 5: Receive your Approval
- Last but not least, if and when you’re approved for funding, you will be presented with an offer and approval. If you agree to the terms and conditions, you will receive a funding contract.
How long will it take to receive my funds?
This will depend on the product you are applying for. We have issued business loans within 24 hours, as fast as the same day. The faster you provide us with the necessary documents, the quicker we can move on our end to expedite the process for you.
Approximate time for each product
Funds from business loans such as business term loans, lines of credit, working capital loans, equipment financing, merchant cash advance, account receivable factoring and revenue-based business loans should appear in your bank account within 1-3 business days. For SBA loans and real estate financing, it can take up to 2-5 weeks to receive funds.
What are the advantages of general contractor financing?
General contractor loans offer a range of benefits to construction businesses seeking to expand and thrive in their industry. One of the primary advantages of contractor loans for construction is the access to capital, which allows contractors to undertake new projects, acquire essential equipment, and effectively manage their cash flow. This contractor financing can be a game-changer for businesses that might otherwise face challenges in obtaining the necessary resources to remain competitive in the market. Furthermore, contractor business loans provide flexibility, with various loan options and repayment terms available to cater to the specific requirements of each construction company. This adaptability enables contractors to select the most appropriate financing solution for their needs, whether it’s a line of credit for short-term expenses or a long-term loan for significant investments.
Another significant advantage of general contractor financing is the potential for growth. By securing independent contractor loans, construction companies can invest in their future by expanding their workforce, modernizing their equipment, and taking on larger, more lucrative projects. This growth can result in increased revenue, market share, and overall success in the industry. Contractor funding can also help businesses establish their reputation and credibility, as they can showcase their financial stability and capability to handle more complex projects. Ultimately, the advantages of contractor loans construction lie in their ability to empower construction businesses to achieve their objectives and prosper in a competitive market.
What are the disadvantages of general contractor financing?
Although general contractor financing can offer numerous advantages to construction businesses, there are also some potential drawbacks to consider. One of the primary disadvantages is the debt obligation associated with taking on a loan. While contractor loans can be beneficial in the short term, they can become a burden if not managed effectively. Construction businesses must thoroughly evaluate their capacity to repay the loan and ensure they can afford the monthly payments without placing undue pressure on their financial well-being. Failure to do so could result in cash flow issues, damaged credit, and even the risk of defaulting on the loan.
Another disadvantage of contractor business loans is the cost of borrowing. Interest rates and fees can accumulate over time, reducing the business’s profits and potentially offsetting some of the benefits of the loan. It’s crucial for construction companies to compare offers from various lenders and select the most cost-effective option for their needs. Additionally, some independent contractor loans may require collateral, such as equipment or real estate, to secure the financing. This requirement can put the business’s assets at risk if the loan is not repaid as agreed, potentially leading to financial hardships or even the loss of critical resources. Construction businesses must weigh these potential drawbacks against the benefits of contractor funding and make well-informed decisions based on their unique circumstances and goals.
Am I eligible to apply if I already have another loan?
Yes, even if you have another loan with a bank or lender, your business may still indeed be eligible. As long as you have not defaulted, have a good payment history and underwriting determines that your business can afford to payback the loan, you can still qualify for a business loan.
Is it hard to obtain Is it hard to obtain general contractor funding?
Importantly, this will depend on what type of contractor loans you are applying for. However, here at Upwise we offer a variety of loan options for you to choose from. In addition to this, each type of contractor funding has different qualifications so that you can find the best solution that works for you.
What's the best business loans for contractors?
See above, we go over the 6 best business loans for general contractors:
- Working Capital for Contractors
- Equipment Financing for Contractors
- Real Estate Financing for Contractors
- Lines of Credit for Contractors
- SBA Loans for Contractors
- Term Loans for Contractors
What are general contractor financing rates?
General Contractor Financing Rates & Terms
The rates and terms depend on a wide range of factors which determine your business’ risk score. This includes: the product you’re applying for, how long you’ve been in business, credit history, use of funds, revenue & other financial factors. To determine which loans for salons are the best fit for your business, speak with a dedicated funding advisor to discuss your needs. Call (646)837-5522 today to compare your options.
