We were notified by a factoring company that a subcontractor had factored an invoice we owed the subcontractor. The payment terms were with in our payment policy period. The subcontractor took the funds from the factoring company and did not pay his suppliers or his subcontractors. We are now getting demand letters for the factoring company to pay the invoice however we are not paying them but using the mobey to pay the outstanding invoices the subcontractor owes. Do I have to pay the factoring company or offest the payments from what the subs owes?...Read More
I am a home owner with extra land and want to build ADU’s. I need to get a construction loan. I need to know about starting a single person LLC better before or after trying to get approved for the loan. ...Read More
I've re-read the article titled "Top invoice factoring companies for contractors in the US" a couple times now and don't see the criteria that was used to determine these to be the top companies. What sort of criteria was used to rank these 5 out of all the others out there? I see their advance amounts and rates, but why these 5? Do they have the best rate's? More upfront advance? What's this based on?...Read More
I am a certified maintenance technician and skilled carpenter. I had as verbal agreement to restore a condemned , 2 story residential home (with detached garage) in exchange for Occupancy in lower level for duration of “ life”. Owner now faces foreclosure. I have invested $50,000 of my own money and two years worth of hard labor. The home was uninhabitable prior to our agreement. Owner has increased property value and enjoyed for two years . I have not been able to enjoy as promised due to owners continued breach of agreements for on going labor....Read More
Hi, What is the Contract Price Adjustment Factor formula used in the State of Florida for large Residential projects? I need to insert and amend a Fidic contract with this formula? ...Read More
We get loads from Uber freight and we ask for direct deposit to the company back account and so the factoring company that we have went and out themself on our Uber freight account as factoring with out our company authorization?? Isn’t that against the law??? ...Read More
Hi, I tried reaching out once before. Can you connect me to somebody in marketing regarding an opportunity for your company to join our upcoming fully-digital real estate technology conference? My company is the organizer of the RETCON 2021 Multifamily Summit, the largest real estate event specifically dedicated to multifamily technology, taking place digitally on July 14-15. We're expecting 1000+ registered multifamily leaders in attendance from across the country. Would your company be interested in exploring a sponsored speaking role or virtual booth? See the full details including last year's speakers & sponsors in the link below. I can also send sample attendee snapshots. https://retconference.com/multifamily -Thanks, James
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Here is an article that details the construction factoring that I'm looking into https://www.levelset.com/blog/factoring-construction-invoices/....Read More
If a subcontractor factors one of his invoices from a project and does not notify the general contractor that he is working with a factoring company, can that factoring company put a mechanics lien on the project in a case of non-payment?...Read More
I was helping someone out they had $2000 , to spend and yes I was told she had limited funds to spend , The job had sat for 7 months then I was asked by a friend if I could help this person get it done .
So I went over there a couple days later , talked with the lady , she had 1543 sq feet of drywall to be installed , she wanted 8 can lights to be installed, a new bathroom door to be installed and etc . An she had $2k and 16 sheets 4x8 drywall . My problem is I installed myself over 320 sq ft drywall , I screwed it on , then my helper for the ceiling had a emergency plumbing job to attend to and we couldn't get to the ceiling that weekend and the homeowner had another contractor come in with a crew to finish what I had began , without asking or saying anything to me . An she is asking for money back that she had gave me . An all I want to be is fair about this because I am the one who is basically going to be losing out . Any advice on this matter would be tremendous. ...Read More
I have requested a private construction estimate from a contractor. At no time was I told that there would be fees involved in getting an estimate and I didn’t receive anything in writing stating such. Now they have billed me $600. Am I required to pay this?...Read More
We are the factoring company who advances funds to our client, the company fell short with unpaid wages and fell short with payments being made to workers. who can i file a complaint with to try and recover funds? as they are in litigation currently. ...Read More
We are general contractor. One of our subcontractors sold their receivables (invoice) to a financial services company. It looks like the subcontractor is really suffering and may be filing for bankruptcy soon. However, the financial services company is trying to get collect on the receivable from us. They (financial services company) just filed a UCC Financing Statement. In the past few weeks we were issuing joint checks to the subcontractor and their supplier. The financing company is asking us to remit all payments to them. Who do we pay? Does the financing company have rights against us if we didn't pay them? Does the sub have rights against us if we pay the financing company? What's the effect of the UCC statement and/or does the financing company somehow have the subcontractor's lien rights to protect them?
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Our company helps finance our customer's invoices and we work closely with another factoring company. We are working to get notices sent out for the invoices that we have taken over and want to confirm what the notifiers' information should be on these notices. Should it be the factoring company's name and address, or should it be the company's information that has actually done the work on the project. Additionally, most notices require a signature from a representative. Should the document signer be from the company that did the work, or can it be my name representing the capital company....Read More