Are you a general contractor in Nashville? We offer several loan programs where you can get up to $25,000 the same day, or up to $2 million in 1 to 3 days with bad credit for your construction business. Construction is big business in Nashville. General contractors in Nashville, like any other business owner, need fast working capital to keep building or remodeling homes. Here’s our Construction Business Loans Nashville Bad Credit Ok Review.
Why Use Construction Business Loans Nashville Bad Credit Ok
Nashville is #4 for filing the most new home permits of 26.6 out of 10,000 people. More people are moving to Tennessee for the great music, booming craft beer scene and the growing job market. Nashville’s population is around 692,000, and the average annual revenue there is $37.696.
However, most contractors in Nashville won’t get approved for a traditional bank loan, same as most other small businesses, because banks can be very conservative about who they lend to. In fact, roughly only 15% to 20% of businesses get approved for a bank loan.
On the other hand, we have helped hundreds of Nashville businesses stay in business since 2015, and work with over 75 lenders to get you the fastest loan funding online, bad credit ok and no collateral needed.
Tennessee general contractors need consistent cash flow to keep running their crews, and waiting weeks or months for a traditional bank loan won’t cut it. The housing market is currently short on homes, and contractors need to catch up to the demand, especially with the migration to Nashville.
So, if you have consistent revenue, make 3 business deposits per month, but need quick additional capital, we can help. Below are our construction loan programs for Nashville contractors.
Overview of Nashville Construction Business Loans
The first loan option is for up to $25,000 the same day, and you need to be doing at least $5,000 per month with your construction business, be in business at least six months, and have a FICO of 550 or higher. We can lend up to 75% of your monthly revenue with this one.
The second option is for up to $2 million dollars in 1 to 3 days. You need a monthly revenue of $15,000 per month or more, be in business for at least 4 months, and have a FICO of 500 or higher. We can lend up to two times your monthly revenue. So, if you are doing $100,000 per month with your contractor business then you could get up to $200,000 in one to three days.
The key to these advances/loans is your cash flow. Yes, it seems odd you would need money if you have cash flow, but many contractors need additional working capital to begin new construction and won’t get a return until the house sells.
Nashville Construction Business Loans Rates
We use factor rates instead of interest rates. The range is from 1.20 to 1.49. You have up to 24 months to pay off larger loans. This rate is comparable to the entire bad credit or no collateral merchant cash advance industry.
However, if you use the working capital to greatly increase your bottom-line, then the rates are not high. It all depends on what you do with the money. If you have perfect credit, collateral, and can wait weeks or months for funds then a bank loan could be a better option. But, we help those that the banks are unwilling to help. That’s the bottomline.
How to Apply for Construction Business Loans Nashville Bad Credit Ok
It’s an exciting time to be in Nashville as a general contractor. We look forward to helping every contractor get fast working capital with our general contractor loans online.
Simply click the apply now link below and answer a few questions. For the loans I mentioned, you will need a business checking account. Hope this helps and God Bless!
Erik C. Johnson