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How
does the Funding Process for Construction Work?
1. Submit completed application
with set up fee of $250. Includes credit check(s),
lien searches and UCC- Filings.
2. Processing of application takes 2 to 3 business
days.
3. When application is approved,
contract along with factoring agreements will
be prepared for signatures.
4. When contractor is in need
of funding, contractor provides a copy of signed
contract with general or owner to include signed
change orders, invoice to be funded, a sworn
statement of suppliers and copy of their pre-lien
filed on the project to be funded.
5. CAFI proceeds to prepare
a joint check agreement for subcontractor and
general contractor or owner to sign.
6.When CAFI receives the signed
joint check agreement, it proceeds to prepare
it's funding document and verifies the invoice
to be funded. As soon as the funding document
is signed by its customer and the invoice is
verified, CAFI proceeds to fund the invoice
via wire transfer or the preparation of a check.
7. As soon as CAFI receives
payment from the account debtor, a settlement
document is prepared and settled within 24 hours
via wire transfers.
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