Home Real Estate How to be a best bet for a contracting loan

How to be a best bet for a contracting loan

by Whitney Osei
Securing contractor loans

Commercial and residential contractors and sub-contractors have historically been considered high-risk borrowers. But, there are several things a contractor can do to increase the chances of securing a loan.

These include: maintaining accurate financial records by investing in internal bookkeeping and accounting processes; understanding the cash flow needs of the business and timing issues related to financing multiple jobs; establishing and maintaining regular, ongoing communications with the bank; establishing a management team to maintain the ability to focus on all aspects of daily operations as the business grows; and maintaining a uniform list of successful projects and clients.

– Ben Danner, Washington Federal

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