Following the pairing with lenders, construction firms can bid on large projects without having to worry about long lender waiting periods. Credit: Fincentiv via PRNewswire.

Fincentiv has launched a solution to help streamline the project funding process for construction companies and lenders.

The Lendcentiv algorithm enables general contractors to be paired up with lenders.

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Following the pairing, construction firms can bid on large projects without having to worry about long lender waiting periods.

This platform is currently free to use.

Fincentiv marketing associate Kae Te said: “Construction companies often face a huge time and resource drain when trying to kick off projects.

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“Fincentiv digitises the fund-seeking process, letting lenders know when construction companies have projects that match lender’s requirements and vice versa.”

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Given that Fincentiv is a secure cloud platform, construction firms and lenders will be able to manage all of their financial documents online.

A borrower needs only to upload project data and indicate how much they require to create an application.

Lenders will have the ability to finance construction projects together if the necessary loan amount exceeds the maximum financing option of a lender.

This approach enables allows lead generation for lenders while offering convenient access to funding for firms’ repeat construction projects.

Te added: “We wanted to give general contractors and lenders a platform where they could save time and frustration.

“Fincentiv tells borrowers if they have any missing documents so the lenders don’t have to continuously follow up, and it helps the borrowers out as well because they know if something is wrong with their application.”

The launch of the new solution comes at a time when 71% of contractors expect to increase their construction business this year and 72% of contractors are exploring ways to streamline their businesses, according to the 2022 National Subcontractors Report.