Case Study: Cutting Project Time
Ontario Builder halves build time with alternative construction financing
A well-established top tier Ontario Builder enjoyed a solid working relationship with the major Banks for many years. Recent service cutbacks and credit policy tightening by the Banks have, however, created an untenable drag on the Builder’s cash flow. Bank approvals that used to take weeks turned into months, and receipt of funding was sometimes taking even longer.
HarbourEdge processes are flexible and responsive, enabling us to review, approve and fund a project within days or weeks. This Builder can now access the funds they need when required and is therefore able to initiate and complete projects in half the time it would take when working with the Banks.
The Builder is not only able to complete projects in approximately half the time, but is also able to limit his own cash investment in projects. While company cash reserves had previously been tied up in keeping projects going while awaiting Bank funding, cash reserves are now used to seed fund other deals. This lost opportunity cost recaptured by the Builder is another significant benefit that has attracted them to the HarbourEdge value proposition.