Factoring for the Construction Industry
One or two factoring companies now welcome enquiries from construction companies even if the subcontractor is operating under the terms of JCT contracts and issuing “Applications for Payment” instead of invoices so the current availability of construction finance must be seen as good news for companies operating in this sector after years of factoring companies turning up their noses at the construction industry.
There is even a factoring company willing to offer a confidential factoring facility that can be used in cases where the main contractor refuses to deal with a factoring company although legislation will soon be in place to outlaw this practice anyway.
In addition to traditional factoring arrangements we have often found that spot factoring is more suitable for construction industry subcontractors and the spot factoring companies that we deal with are happy to deal with the construction industry as well as Applications for Payment
A couple of factoring companies go so far as to have a special “construction” department with access to a range of construction professionals including quantity surveyors, who can manage contractual disputes on their behalf.
Factoring solutions for the construction industry
Factoring Solutions is one of the country’s leading brokers and we have arranged invoice finance for a variety of companies in the construction industry including electrical contractors, flooring contractors, roofers and scaffolding companies already and only place business with those factoring companies that embrace the construction industry wholeheartedly and not those that may consider it at the moment but are likely to change their minds in the future.
There are several relevant case histories showing how this type of specialised finance helped a variety of different companies.
There are no charges for our services and you have our guarantee that we will only introduce you to one of the few factoring companies that actually perform so why not call us on 01827 707680 to see what we can do for your company