Spot factoring also known as Single invoice factoring or selective invoice factoring is often available to companies in the construction sector from at least one company specializing in this form of finance.
This type of factoring facility is often the best option for contractors in the construction industry as frequently companies in this market sector don’t have the spread of customers that many traditional factoring companies look for, working instead with just a few or maybe even just one contract at a time.
Additionally the spot factoring companies that we work with are happy to advance funds against Applications for Payment which most traditional factors will not do as they don’t like stage payments and prefer to fund invoices and not applications
Many construction companies don’t need the maximum amount of funding against every sales invoice or contract but prefer the flexibility of being able to dip in and out of a factoring arrangement as and when they need and only paying for the funding that is actually taken rather than having to pay a factoring commission on every invoice or application whether funding is taken or not.
Other advantages of a spot factoring facility that may appeal to construction companies are that there are no setup fees, no minimum contract requirements, no minimum fees per annum and it is also very quick to setup
We are leading specialist factoring brokers with industry experience going back several decades. Unlike others who claim to deal with most of the factoring market we are happy to admit that we deal with relatively few of the many factoring companies as most do not live up to the high service standards or operational transparency that we insist on.
There are no charges for our services so for an informal chat without any obligation why not contact us to discuss your specific requirements
Construction Industry Factoring Solutions
