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With CapitalPlus Construction Services, the application process takes between 48 hours and 72 hours for both spot and contract factoring. Our rates are lower than most competitors and we have no contracts.” CapitalPlus Construction Services “You don’t have to do your entire client ledger. “We offer contractors spot factoring services,” according to BlueVine. BlueVine also has no administrative costs and no additional fees. Applications can be processed within 24 hours, and if the sub accepts their offer, they can receive their funds that day. We’re trying to fund as many small business as fast as possible.”īlueVine’s application process takes as little as 10 minutes online. We’re trying to move the application as fast as possible. Once the application goes to underwriting, we might need a tax return. Contractors just need to submit documents as fast as possible. “We try to get in the system as fast as possible. “Once the invoice is paid, contractors will get the other 15% of the advance rate minus the fees that we charge,” a BlueVine representative told Levelset. While the initial minimum amount is $5,000, repeat customers are only required to have a minimum invoice of $500 per month. Minimum invoice amount: $5,000 per monthĪccording to a BlueVine representative, the maximum invoice amount for contractors is $5 million per month.Advance Rate: 85% of the invoice amount.Top construction factoring companies BlueVine Learn more about invoice factoring in construction: Here are five of the top construction factoring companies in the U.S., including their rates, application processes, and factoring insight directly from company executives. So we called a bunch of invoice factoring companies to find the best options for construction businesses. How do contractors know which ones can help? We couldn’t tell.
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Invoice factoring is pretty unregulated, and there are so many companies out there. Some factoring companies are reluctant to purchase construction invoices because they think it’s too risky, or because they don’t understand the industry. However, not every factoring company is willing to put their money in the construction industry. File nowįor cash-strapped contractors, invoice factoring may be one option to help solve cash flow problems. It’s fast, easy, affordable, and done right.