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people discussing the finances of a construction project

A construction loan is a loan that finances the cost of land, buildings, or other improvements to real property. Construction financing helps you get the project started. Think of it as an extension of your credit card or home equity line with a loan specifically for construction in mind. The borrower is usually a developer or contractor who borrows funds that are typically repaid in monthly installments after the project is complete. 

So if you think you are eligible for one, it’s best to speak with a professional before taking any other steps. With our combined payment solution, which allows contractors access to cash with terms that follow their construction repayment cycle, ASR Materials has been the preferred supplier in Monroe for well over a year at this point.

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Construction Loan Disbursements

Construction financing is a type of construction loan that allows you to arrange payments from the bank or from specialized companies to your contractors on the basis of progress made. The disbursements are typically made in several installments during a specified period of time and can be drawn upon only if there is sufficient progress that meets the required specifications. 

In ASR-Build, we understand that construction financing is a huge and complex area of finance, with many different components and so we offer services that benefit construction companies. We know that as the construction project progresses, you will need to draw funds from your construction loan to pay for labor and materials. So with the flexibility of longer terms and the assurance of simple, straightforward repayments, we have seen our customers take on larger projects as a result of this new kind of financing and buy their building materials upfront.

Our Construction financing allows you to access capital for your construction project at a low cost, without having to put up collateral and without being tied to long-term contracts. You get money right away for projects even before you start work on it and you can use the funds for various building expenses like; paying contractors, purchasing materials, etc.

How Does It Work?

It’s simple to get finance for the construction of your home or project. Simply choose an amount you can comfortably afford and apply for the loan. Once approved, you will be able to use the funds to cover expenses associated with the construction process, such as labor costs, building materials, and land preparation expenses.

With ASR-Billd’s financing program, you can buy materials that are worth as much as $100,000 without worrying about making a down payment. Minimum payments start at just $50 for every $10,000 spent on materials. When using project-based credit, you can buy supplies for several jobs at once. Our longer terms provide you with more flexibility to expand your company, increase cash flow, and take on larger and more lucrative projects. The best part is that this program doesn’t just apply to contractors. It also works for homeowners who want to make their dream home come true as they can get the financing for all of their construction projects, whether it’s a new home or remodeling.

Some of the benefits of financing with Billd include:

  • Doing business on your own terms.
  • Improving your business by unlocking more capital.
  • Bid with confidence.
  • Ensuring a better cash flow for your business.

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How Does Material Financing Work?

Material financing is a lending tool that lets your business or homeownership project fund the materials needed for construction. This option is not only handy for funding items like drywall, lumber, and concrete; it also makes it possible to see how much of your loan will be used for materials and which funds will go toward labor costs. 

Here is a guide on what you need to know to get started in the ASR-Billd Material Financing platform;

Upload a Material Quote

A material quote is an essential document included in any construction loan. A material quote shows the prices of different materials, labor, and services that are necessary for construction. Material quotes are usually prepared by contractors who buy construction materials on behalf of the borrower. A material estimate is a crucial component of your application and will help us determine if we have enough collateral to support your project. Materials estimates need to include pricing from a variety of vendors and must reflect the current market cost for those materials. 

The ASR-Billd platform has a specialized system that makes it easy to upload your material quote online and have them attend to it as quickly as you need them to. 

We Pay ASR Materials

After your uploaded document has been processed, Billd will pay you with ASR materials as estimated in your quote. You’ll get your money’s worth when you process your construction loan with us. Here is how it works, we pay ASR Materials for all your material needs and you pay us. 

The perks are unlimited as we offer same-day payment, cash flow flexibility on your terms, and unlimited job accounts.

The Materials Are Delivered To Your Job Site

To avoid common problems like inventory shortages, weather delays, and disputes between contractors, ASR-Billd provides the absolute best service by having your goods delivered to your job site. This is called a “build-to-suit” delivery. Once the materials are delivered to your job site, they are ready for use. They will help you build your dream home or commercial building on time. Materials can include items such as frameworks and flooring planks, bricks, cement, paint, doors, and windows.

Pay Us Back When You Are Paid

Pay us back when you are paid, that’s the foundation of our construction financing. As a company, we understand that well-meaning contractors can sometimes get in over their heads with personal guarantees that they can’t ultimately meet. Our team of experts offers flexible repayment terms to help our clients avoid default. We provide payment coverage of up to 120 days, so you can pay us back when you get paid.

The Bottom Line

If you’re building a new construction project or renovating an existing one in Monroe and you need to take out a loan to help kick off the process, ASR-Billd can help. We are a specialty finance company with an unmatched success rate. Our proven process provides quick, efficient approvals and funding of your project without the hassle of a mortgage closing. Prowess, timing, and innovations are what make us different.

We offer flexible construction financing options that are customized to meet your needs and budget. Our experts are here to assist you every step of the way, from start to finish. Enroll here to start your journey and easily apply for a construction financing opportunity for your new building. You can set up an account and request payments from your subcontractors or suppliers as frequently as desired each month. You can also create specific payment plans for your vendors using a few clicks in the system.

 

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