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Apply for financing, track your business cashflow, and more with a single lendio account.
Applying is free and won’t impact your credit.
OCTOBER 13, 2021
This was the best experience I have ever had dealing with working capital financing. Anthony Melhado Senior Funding Manager was great to work with. If he said it you could believe it because he was very truthful and down to earth to deal with. I have been in the Construction industry for over 30 years and have deal with a lot of financing. Lendio and Anthony were great. Thanks again Anthony Melhado for your business and help on financing.
SEPTEMBER 26, 2019
I’m forever grateful to Jeff for delivering the line of credit that my business needed. We are a small construction firm and this LOC now makes it possible for us to go after more work without having to worry about how to fund the projects. This is an amazing time for our company and a game changer. We can expand our operations. Jeff was very professional, knowledgeable, and understanding of our needs. He delivered the line of credit in a quick turnaround.
APRIL 20, 2021
As a construction worker and small-time contractor, I know the hardship of the Covid pandemic. The stress can be through the roof. Lendio basically did all the work and it was a stressful process made very easy and pleasurable by their agent. I seriously couldn’t have asked for a better group of professionals to guide me through this process. Thank you so much.
Whether you’re looking to purchase a new piece of equipment or order raw materials in bulk to combat rising inflation, Lendio connects you with an array of lenders that can help. Access different financing structures to find the one that fits your company’s next big move.
We know how to build big. No matter how large or small your construction financing needs are, Lendio has the network to make it happen.
The construction industry may be facing challenges like inflation, labor shortages, and supply chain issues. But finding a quality construction business loan doesn’t have to be on your list of problems.
Apply in just 15 minutes and get funded in as little as 24 hours
Get personalized support throughout the funding process. Your funding manager will be with you every step of the way to answer your questions and advocate for you.
Compare loan offers from multiple lenders. With over 75+ lenders in our network, your funding manager will work with you to ensure you get the best rates and terms for your business.
Answer just a few questions about your business to see which lending products you qualify for. We’ve partnered with over 75 lenders, allowing us to find the best option or your business.
One of our funding specialists will reach out to you to get to know your business better. Since every business is unique, we want to make sure we find the loan type that’s perfect for your needs.
Compare different offers curated for your business. Select the capital amount and rate that will help take your business to the next level.
We work with lenders that can fund you fast. Once you’re approved, you’ll be able to access your capital in as little as 24 hours.
A construction business loan gives working capital to construction companies, whether the focus is on residential, commercial, or mixed-use projects. While there are no loan products specific to the construction industry, you can instead search for loan structures that make sense for your business model.
There are multiple options to pick from when finding a lender. You can get a loan for your construction business from private lenders, banks, credit unions, and from the SBA.
You’ll need to purchase a piece of land before building on it. Whether you’re building a house, a mall, or a hotel, you can use a construction business loan to acquire land for your building projects.
Whether you’re in the residential or commercial construction industry, purchasing materials is crucial to making your project successful. A construction business loan can provide the capital you need to purchase necessary materials.
As a construction business owner, one of your biggest expenses will be the cost of labor. You can use a construction business loan to provide the fair compensation that your employees deserve.
At some point, you will likely need to hire subcontractors to complete specialized tasks in your building projects. A construction business loan can provide you with the capital you need to pay subcontracting fees.
With asset-based financing, also known as invoice factoring—instead of waiting for clients to pay invoices—a funder purchases an invoice from the borrower at a discounted rate, which the business will then pay back to the funder as the business collects on the invoice. In contrast, revenue-based financing provides you a lump sum based on expected future revenue.
With debt financing, a fixed lump sum is disbursed up front to the borrower. Then the borrower repays the principal, plus interest, in regular, fixed payments over a certain period of time, which makes it easier to budget for. Online term loans come with fast approvals and funding time. An SBA loan could get you access to a lower interest rate because it is backed by the federal government.
A line of credit can be a helpful resource to have in place as a safety net while maintaining positive cash flow. It’s similar to a credit card in that you can borrow money only as you need it, instead of paying interest on a one-time lump sum right off the bat. A line of credit is ideal for emergency expenses and inconsistent cash flow issues.
Most construction companies require some type of physical equipment, making equipment financing a popular choice in the industry. If you lease, the financing uses the equipment as collateral, so you can avoid putting up other assets as collateral.
A construction business loan gives working capital to construction companies, whether the focus is on residential, commercial, or mixed-use projects. While there are no loan products specific to the construction industry, you can instead search for loan structures that make sense for your business model. Lendio helps you access multiple offers to find the best fit.
Each lender has its own criteria for financing approval. However, at Lendio, we have a few basic, minimum eligibility requirements in order to apply for a construction loan for business. First, the owner or primary applicant must have a personal credit score of at least 600. The company must also be in business for at least six months with a monthly revenue of $8,000.
Business construction loans can be used for almost anything, including:
Check the details of your loan to see if real estate purchases, like land, are allowed before you move forward with a transaction.
Because there is usually no existing property to secure a construction loan, lenders take on a higher risk. To compensate for this risk, lenders will typically have businesses make a down payment of up to 20%. Depending on the type of loan, some borrowers may qualify for zero percent down.
Yes, there are construction business loan options for contractors. Contractors can apply for a variety of business loans to help their company, whether you need to even out cash flow, invest in new equipment, or expand your operations. You can learn more about business loans for contractors here.
When you need funding fast, a lending marketplace is a great option. The application is simple and quick, you have a marketplace of many lenders to compare and choose from and the support of a funding manager throughout the funding process.
An SBA loan is backed by the U.S. Small Business Administration, which encourages lenders to loan funds to businesses by offering an extra layer of financial security. For applicants, it means you may be able to access affordable financing even if you don’t qualify with a traditional bank. Rates are tied to the current prime rate and loan repayment terms are long. Plus, you may be able to qualify for larger loan amounts than an online lender or bank would normally offer.
Here are the three main types of SBA loans for construction companies to consider:
*based on 136 Lendio employees who responded to an internal poll
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