FOR ROOFING CONTRACTORS
Roofing is weather-driven and front-loaded. Shingles, underlayment and crews are paid for before the job is done, and insurance-funded work can take weeks to pay out. After a storm, demand can jump overnight. Clear helps residential and commercial roofing contractors get working capital from 100+ lenders, with funding in as little as 1 to 2 days, so you can say yes to more jobs when the work is there.
I didn’t have an immediate need for funds but wanted to have access to funding in case of an emergency. Clear got me approved for a line of credit and it fit the bill perfectly.
Common uses include buying shingles, metal and other materials in bulk, adding crews during busy months, covering payroll while insurance-funded jobs are paid, marketing in a new territory, and keeping the business running through slow winter months. Merchant cash advances and short term loans have no restrictions on the use of funds.
Merchant cash advances and short term loans can fund within 1 to 2 days of approval, and it is not uncommon for clients to receive funds the next day. You typically need only a completed application and your 3 most recent business bank statements.
A short term loan offers up to $5 million over 6 to 36 months with interest from 11%, and generally needs a 600+ FICO score. A merchant cash advance is our easiest product to get approved for (500+ FICO) and offers up to $2 million over 3 to 24 months, priced with a factor rate from 1.14 instead of an interest rate. A Clear loan advisor can compare offers side by side so you can choose.
With a merchant cash advance, payments are normally tied to a percentage of your sales, so if revenue slows you can usually ask to lower the payment. Short term loans have fixed weekly or monthly payments, so many roofers time them around their busy season.
Often, yes. A merchant cash advance can work with a FICO score of 500 or higher because approval is driven mainly by your revenue and bank deposits. Short term loans generally need 600+, and lines of credit 650+.
Yes. An asset-based loan can use accounts receivable, equipment and other assets as collateral for up to $10 million at rates from 7%. It takes longer to approve, up to 90 days, so it suits planned growth rather than urgent needs.
A line of credit of up to $250,000 gives you funds on standby for storm season and you pay interest only on what you draw. It generally needs 12 months in business, $400,000+ in annual revenue and a 650+ FICO score.
Merchant cash advance payments are made daily (Monday to Friday), weekly or semi-monthly by automatic ACH withdrawal. Short term loan payments are weekly or monthly. No collateral is required for either.
Clear is a business loan marketplace with 100+ lenders. One application lets you compare offers, and a dedicated loan advisor helps you choose the terms that fit your season. See how a construction company and a home builder got funded, or read about financing for construction companies and contractors.
