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Flexible finance for UK construction businesses
Construction is one of the UK’s most established industries. It helps to form the backbone of our economy. The UK construction sector has faced numerous challenges in recent years. High demand coupled with the exodus of EU workers has led to a shortage of labourers. The rising costs and a lack of available materials are also causing significant delays.
Along with industry-specific issues, access to working capital and construction costs remains a critical challenge. However, the unwavering demand for building projects, particularly within the housing sector, means that acquiring funding is vital to winning new opportunities. Fleximize can offer flexible funding on terms that suit you. So read on to find out more about our construction finance, how it works and how to apply.
How do construction loans work in the UK?
When it comes to supporting exciting new projects, hiring more staff, or purchasing new equipment. Companies wanting to secure construction finance will often need to do so quickly in order to stay one step ahead of their competition.
While high-street banks can provide funding facilities, it may take weeks to secure a meeting, only to have your loan application turned down.
Thankfully, a new wave of alternative lenders have entered the market. Many are able to finance SMEs in as little as 24 hours. Better still, you don’t necessarily need a perfect credit history to be considered for funding. This makes digital business lenders like Fleximize an attractive option for businesses seeking a construction loan.
Construction finance from Fleximize
We can provide secured and unsecured construction company loans, designed to suit your needs. Head to our business loans page for further details on the Flexiloan and Flexiloan Lite. In the meantime, here are some of the key features:
- Business loans of £10,000 – £500,000 over 3 – 60 months
- Loan Interest rates starting from 0.9% per month
- Approval and deposit in as little as 24 hours
- No hidden fees or early-repayment penalties
- Interest charged on a reducing balance, not the total loan amount
- Repayment holidays and top-ups available
- Exclusive discounts on industry-leading business services and tools through our Member Marketplace
We assess every business individually and we always look for a way to say “yes” to applicants. Rest assured that even if your credit score could be improved, it’s not the only thing we look at when you apply for a loan. And, if you're approved, you could receive your funds the same day.
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What can a construction loan be used for?
You might need construction finance for any number of reasons, including:
Construction equipment finance
Construction equipment financing helps businesses get the tools they need for building projects without paying all at once.
Instead of making a largepayment upfront, businesses can make smaller payments over time. This helps them keep more capital available for other business needs. Payment plans can be adjusted to fit their budget, and there may be tax benefits. This way, businesses can buy new and better equipment while staying on top of their finances.
Check your eligibility for a construction loan
We offer construction loans in the UK to businesses registered with Companies House. In addition, we do have some basic eligibility criteria:
- Your company must have been trading for at least six months.
- You must have a minimum monthly turnover of £5,000.
- As a revenue-based lender, we can lend up to twice your monthly revenue. So, for a £20,000 loan, you must have a monthly revenue of £10,000 or more.
- Businesses in England and Wales can apply for construction loans of up to £500,000. This can be provided on a secured or unsecured basis, depending on how much you want to borrow and over what term.
- Businesses in Northern Ireland and Scotland can apply for a maximum of £250,000, and with unsecured options only.
- If you're a non-homeowner, we can support you with up to £20,000.
How much does construction finance cost?
The interest rates on our construction and development loans start from 0.9% per month. Our Penalty-Free Promise means you can repay early and save on the amount of interest you owe. There are also no hidden fees for you to worry about.
Each finance package is unique in its details. So we recommend using our business loan calculator to work out how much yours might cost. If you prefer, you can call us on 020 7100 0110 for a tailored quote.
Why choose Fleximize for construction development financing?
We’ve helped thousands of businesses access the funding they need. Here’s what you can expect from us:
- Flexible: You can build a package that suits you and use the top-ups, repayment holidays and Penalty-Free Promise to your advantage.
- Fuss-free: You can apply for a construction company loan in a matter of minutes, and you could receive your funds within 24 hours.
- Trusted: We boast an ‘Excellent’ rating on Trustpilot, and our customer case studies show how businesses can grow as a result of our funding.
- Personal: You’ll have a dedicated relationship manager who’ll be there to ensure your finance works for you. And if you return for repeat funding, they’ll be your point of contact.
- Award-winning: We’ve added two more awards to our collection at the MoneyFacts awards recently.
How our construction finance has helped others
Finding funding during the early stage of your business can be a challenge. Having spent six months chasing banks, Saj Rahman, founder and CEO of Maple People. Explains how he came across Fleximize and why our solution proved to be better for his construction business.
Saj Rahman of Maple People, an eco-construction consultancy, used a Fleximize business loan to launch his first innovation.
Apply for a construction loan today
When taking out a business loan, it's important to find a lender that you can trust and who will provide all the support you need to make an informed decision. At Fleximize, we pride ourselves on our transparency and excellent customer service.
If you have any questions about your application, our team will happily talk you through the ins and outs of our business loans. Feel free to call us on 020 7100 0110, and we can guide you through the process.
Alternatively, if you're ready to apply for construction finance with Fleximize, fill in our simple online form with a few basic details. If you pass our initial checks, we’ll be in touch with the next steps. Once we have everything we need, you could receive your funds the same day.
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