NUMBER ONE – Mom & Pop Independent Material Providers across the country all seem to say the same thing, “we do not like being the bank for projects”, referring to their extending lines of credit for materials averaging 42% of a project’s cost and then waiting an average of more than 66 days to be paid. If you then consider that their customers have one of the highest failure rates of any industry in the US it’s more than reasonable to expect less than their best price. Material providers are keenly aware of their lien rights and quite savvy in executing those rights.  Owners who have used a funders capital to pay a contractor whose sub has then failed to pay for materials is not an uncommon experience. Liens are the most powerful tools that materialmen use to get paid and they are not shy to file them. That lien then begins to do its damage on relationships from the material provider right up to the funder as fingers get pointed in all directions. If the funding for a project is in place and designated to pay for materials there is no reason that the right financial technology couldn’t assure it gets to where it belongs after meeting all the conditions of all the project participants. No more being the bank and no more liens.

What is BuildPay?

BuildPay uses financial technology that connects the entire payment chain, enabling fast, direct payments, quicker build times (encouraged by better payments), and better material pricing (made possible by guaranteed payments). Construction the way it should be. #GotPaid

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