Greenlock’s Project-based Loans are an innovative way for insurance restoration contractors to receive working capital to execute their projects more efficiently.
Loans Designed for Insurance Restoration Contractors and Their Specific Needs
Project-based Loans are designed to provide you with the funds to keep your restoration project moving forward while your customer’s insurance payout is being processed.
Typically, the payment process can take between 60 and 90 days, but your customer needs you to get the work done now! Our product provides the solution. With Greenlock’s Project-based Loans, you can get a cash advance on your project, rather than having to wait for the insurance company’s loss payee department to issue payment. You can use the money from your Project-based Loan to purchase materials, pay employees, and keep your business on a path toward growth.
Greenlock’s Project-based Loans offer competitive rates and we work closely with you to ensure the successful completion of your project.
How Does it Work?
After you have been approved for a Project-based Loan through our application process, Greenlock gives you an initial payment to start the project. We will then inspect your project as you request and make progress payments to you based on the percentage of total work that has been completed. When your customer receives payment from their insurance company, he or she will forward the check to Greenlock, and we will pay you the balance you are owed for the project, less our fees.
FAQs About Project-based Lending for Restoration Contractors
How long does it take to get a loan after I fill out the application?
We can typically provide you with the funding you need within 48 hours once your account is set up.
How are Project-Based Loans different from general business loans?
General business loans are typically able to be used for any business expenses. Greenlock’s Project-Based Loans are tied to a specific contract between your contracting company and your customer. They are designed to provide you with the funds to complete a singular project that is awaiting a payout from your customer’s insurance company.
Who can get Project-Based Loans?
Greenlock’s Project-Based Loans are designed specifically for Insurance Restoration Contractors.
How much money can I get for my project?
You can receive up to a 75% cash advance from Greenlock for the amount that your customer’s insurance company has agreed to pay for the work.
How will Greenlock determine when I get my progress payments?
Greenlock will inspect your project as you request, and will provide you with progress payments based on the percentage of total work that has been completed.
When do I pay my Greenlock loan fees?
Greenlock's fees are taken out of the money that your customer receives from their insurance company. You never have to write Greenlock a check.