Construction Finance 101 with Christopher Doyle of Billd
When it comes to any construction project, there’s always much more going on than meets the eye. Look past the scaffolding and workers in hard hats… you’ll find there’s a whole world of payments and financing that supports it all.
Like so many industries, there are also pain points in construction finance. Fortunately, with the help of fintech, new solutions are out there to help businesses and individuals overcome them.
On this podcast episode, Chris Doyle, President and CEO of Billd, joins the show to break down this fascinating ecosystem and how his company is helping revolutionize it with technology.
Payments & Fintech Insights In This Episode
- How the construction finance ecosystem operates when it comes to building projects, contractors, subcontractors, and more.
- Why payments and cashflow challenges can be particularly devastating to those in the construction industry.
- The story behind Billd, including what services and financial tools they offer to solve construction finance pain points.
- Chris’ thoughts on the future of construction finance, payments, and fintech.
- With so much more!
Featured on the Show
- Connect with Christopher Doyle: LinkedIn
- Connect with Billd: LinkedIn | Facebook | Twitter | Instagram
- Connect with the Show: LinkedIn | Facebook | Twitter
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Billd is a simple payment and finance solution for the construction industry. Suppliers get paid how they want, when they want, while providing their customers the flexible payment terms they need to grow their business. The Billd products were built by construction professionals who understand the unique obstacles contractors face when purchasing materials.
Construction payment cycles offer big challenges to trade contractors, as subs are required to purchase materials months in advance of getting paid for work. This cash flow gap makes it challenging to take on new projects to grow their business. Additionally, traditional lenders have historically viewed construction businesses as “too risky,” leaving most contractors with limited financial options at their disposal. Supplier terms are what many contractors lean on, but those extend usually 30 days, still leaving a 60 day gap between paying for materials and receiving payment from work. Billd pays suppliers upfront, then extends contractors up to 120-day repayment terms to solve this pervasive problem in the industry.