Our client provides specialized engineering services for large infrastructure projects.
In this instance, he was involved in the construction of a major facility for a well known multinational.
It was a great contract worth a lot of money.
The problem was that it was taking up to 60 days for our client to be paid.
At the time we met him he was sweating on an invoice for $150,000 which wasn’t going to be paid for a further 30 days.
He had no working capital available to meet his obligations and his bank wouldn’t help.
He called us to ask if we provided invoice finance for construction.
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.
Our single invoice finance product was the solution which worked best.
Once we obtained confirmation from the builder that the services had been delivered and the payment was due, we were able to provide our client with a cash advance of $120,000.
That gave him enough money to meet all his commitments and to give him some much needed breathing space.
It took us just under 5 days to arrange the finance and, by 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 by following the link or call us on 1300 430 076.