Our client provides specialized engineering services for large infrastructure projects.
In this instance, he was part of a team building a major facility for a well known multinational.
It was a great contract worth a lot of money.
The downside was the multinational’s payment terms – 60 days end of month.
At the time we met, he was sweating on a $150,000 payment which wasn’t due for a further 30 days.
He had no working capital available to meet his obligations and his bank wouldn’t help.
He told us he urgently needed cash to pay wages, his suppliers and his overheads.
He didn’t want to sign a long term factoring contract.
He didn’t want to use his home as security
He wanted to know the cost upfront and didn’t want any surprises.
Invoice finance for construction
Our client had tried other invoice factoring providers but discovered they were shy of construction jobs involving progress claims which are sometimes considered risky.
Rather than a blanket policy, we judge client needs on a case by case basis and decided we could help him.
Our single invoice finance for construction was the solution which worked best.
After a turnaround of just 3 days and confirmation from the multinational that the services described in the invoice had been delivered we advanced our client $120,000.
That gave him enough money to meet all his commitments and some much needed breathing space.
At the end of the month, when the invoice was paid, he received the remaining 20% less our fee.
It was a quick, flexible and very customer focused solution which helped him get through a sticky patch.
If you’d like to find out how you can benefit from single invoice finance you’ll find lots of information call us on 1300 430 076.
Alternatively, you can check out our other working capital and cash flow solutions here. Our range of products are designed to assist business owners to grow and increase revenue,