Contractor Mobilization and Invoice Financing
DevCorp is a non-bank national lender embracing unconventional underwriting criteria to provide financing for contractors and sub-contractors based heavily on their abilities and acquired contracts rather than on credit history alone.
Immediate Project Mobilization Support
Contract Financing is designed to help contractors take on larger projects and to successfully complete those contracts on budget. Contract Financing gives contractors confidence that they will have enough funds to cover their costs for supplies and equipment on a project all the way through to the end of that project. The facility includes funds for mobilization before work is done and invoices issued as well as for progress payments as each part of the work is completed and invoiced.
Basically, any contractor that has been pre-qualified by an acceptable sub-contractor assessment process (e.g. Subguard or equivalent) can take advantage of this program. If you are not already so qualified, we will assist you through the process.
Approved contractors can receive financing advancements up to $2,000,000 and on a case-by-case basis up to a $10,000,000.
Repayment of the advance doesn't have to come until invoices are paid by the prime or owner.
How It Works
At the signing of a contract, the contractor is eligible for contract mobilization funding, up to 10% of the total contract amount. As invoices are issued, 80% of those amounts can be advanced.
All funds are disbursed by a Third Party Administrator (Funds Control).
The maximum amount of funds advanced at any time can not exceed 40% of the total contract amount.
This program will allow you to take on bigger jobs