When it comes to construction financing, speed and efficiency is everything. Having access to timely funds will not only save you from costly delays and disruptions, but it can give you the advantage to accept opportunities which are only available for a limited time.If you are looking to get construction business loans in 24-48 hours, National Business Capital offers a variety of financing options for your construction company. Let’s take a look:
What Are the Different Types of Construction Business Loans?
Here are just some of the funding options we offer with access to funds as soon as 24 hours, and our special 90% approval rate for construction business owners:
Small Construction Business Loans
Small construction business loans are a great financing solution for any construction need, from stocking inventory, to purchasing materials, managing payroll, bridging seasonal gaps in funding, purchasing or upgrading equipment – you get the idea. Whatever your needs may be, we got the perfect construction loan for you. Our fast working capital loans are available for both short-term and long-term requirements, and in amounts below $10k to over $1 million.The construction financing is paid back in fixed — and therefore predictable — payments, and unlike banks, our underwriting criteria does not rely on personal or business credit scores. So, if you are looking to get construction business loans, NBC’s financing options offer a lot of benefits for construction companies.
Business Lines of Credit
If you are on the hunt to get construction business loans, another great financing alternative are business lines of credit. They give you access to cash on hand, whenever you need it.This type of financing is best for construction business owners who need to be ready to take advantage of an opportunity such as taking on extra projects, or tackling any challenge like hiring more specialized staff, paying off vendors, or getting extra materials on the fly.Our business lines of credit provide construction companies with “at-the-ready” funding to cover contingencies, exploit opportunities, and rapidly resolve short-term bottlenecks in their cash flow. These typically take about 24-48 hours to fund.When it comes to business lines of credit, National Business Capital is among the best construction loan lenders that you can find on the market.
Construction Equipment Financing
When it comes to getting construction business loans, another option you have at your disposal is construction equipment financing. You canutilize our construction financing options to purchase new or upgrade old heavy equipment. These funding options typically take as little as 24 hours to fund depending on your creditworthiness and overall financial profile. You will need a minimum FICO score of +700, +1 year in business, and $500,000+ in annual revenue.Our equipment financing enables construction companies to purchase the assets they need to increase capacity — and therefore onboard more customers and drive profits. We offer flexible and customized solutions that map to each company’s specific cash flow, tax management and accounting needs.
Small Business Loans
If you are looking to get construction business loans, another great option you have with National Business Capital are small business loans. They allow you to receive a lump sum of money for any purpose, whether it’s payroll or purchasing inventory.To qualify for a small business loan, you will need to generate $500,000+ in annual revenue, and be in operation +1 year in business. You can choose between long-term business loans and short-term business loans.
Close the Gap with Fast Cash & Favorable Rates
Getting construction business loans is essential for closing the gap with fast cash and favorable interest rates. What’s more, the bulk of project expenditures typically occur during early phases of construction, which means time is of the essence to fill any funding gaps. Otherwise, schedules, budget, and even the project scope can be at-risk — which is a recipe for failed projects and irate sponsors and stakeholders. And in extreme cases, delays and overruns can do more than damage a construction company’s reputation and future potential earnings: it can threaten the company’s very survival. With faster, simpler construction financing process alternatives, you can get funded in as little as 24 hours for any funding need, avoid gaps in working capital, and ensure a constant supply of cash to prepare your business for any unexpected challenge or opportunity. Fortunately, banks are by no means the only — or in many scenarios, the optimal or least risky — construction financing option. With National Business Capital, companies from all across the country can get construction business loans, including small and mid-sized firms that work way harder than enterprise-level organizations, and often need additional cash to ensure their plan, schedule, budget and scope stays on-track.
Banks Don’t (Have to) Understand The Value of Speed
Yet with this in mind, most banks make both initial and additional borrowing excessively difficult — and sometimes impossible — for small and mid-sized construction firms that are looking to get construction business loans.For example, the application process is time consuming and requires multiple documents (e.g. financial statements, building plans, contracts, list of trades, etc.). Even if an application makes its way through the process — and construction companies can withstand the bureaucratic delay — there’s no guarantee that the funding will be approved.As a Specialty Finance Group, National Business Capital allows you to get construction business loans in a timely and efficient manner, giving you the ability to handle challenges and take on unique opportunities.
Do Banks Offer Fast Construction Business Loans?
Banks typically do not offer fast construction business loans due to their rigorous application processes, extensive documentation requirements, and thorough underwriting procedures. Approval can take several weeks to months. For quicker funding, alternative lenders and online financial platforms are better options, offering streamlined processes that can approve and disburse loans within a few days to a week. So, if you are looking to get construction business loans, we recommend using a Specialty Finance Group such as National Business Capital.
Joe Camberato is the CEO and Founder of National Business Capital. Beginning in 2007 out of a spare bedroom, Joe and his team have financed $2+ billion for businesses nationwide. He’s made it his calling to deliver the educational and financial resources businesses need to thrive.
