Does anyone finance projects?

Discussion in 'Starting a Lawn Care Business' started by FNCPonds, Apr 27, 2008.

  1. FNCPonds

    FNCPonds LawnSite Member
    Posts: 46

    I have been in business for two years doing nothing but water features. I have been really slow this year and thought if i could find a third party to let my company finance some projects that maybe homeowners would want to pay $150 a month rather then $10,000 in a week. If anyone knows of a local dallas or nation wide company who and how did i get started?

    Thanks for the replys

    Cole
     
  2. lawnpro724

    lawnpro724 LawnSite Silver Member
    Posts: 2,201

    I do in house financing for larger projects when people just don't have or don't want to spend the money right now. I usually break down the bill depending on the job into four or five payments or larger jobs up to 12 months. I charge 8.5% a month interest on existing balances similar to the way a home mortgage works. I actually like doing work this way since it keeps money coming in during slow times. Just make sure you get a deposit to cover materials and charge interest.
     
  3. FNCPonds

    FNCPonds LawnSite Member
    Posts: 46

    I thought about that but was worried about people not paying. Have you ever had any thing like this happen and if so what do you do to cover your losses? What kind or contract did you use, how did you get started in this process? Thanks for the reply
     
  4. lawnpro724

    lawnpro724 LawnSite Silver Member
    Posts: 2,201

    I set up their account in Quickbooks Pro to receive their payments and it ads the amount of interest to their monthly bill. I have a very detailed contract that covers everything and haven't had much of a problem with people paying. I did have one several years ago that didn't pay so I had to put a contractors lean on their property, after I did that I got paid.
     

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