Buildertrend partners with Parafin to provide flexible capital to home builders, keeping industry ahead of economic headwinds

OMAHA, Neb. (June 15, 2023) – Buildertrend, the top construction management platform for home builders and remodelers, has continued to expand their line of financial services. The latest release included in their suite of financial management solutions is construction financing through a partnership with Parafin – a company that aims to unlock growth for small businesses and service them in a way traditional lenders can’t.

Buildertrend Financing gives contractors the opportunity to scale their construction businesses by providing access to external capital not easily obtained through traditional bank financing. With rising interest rates and tightened approvals, applying for lending through a local bank can be frustrating and may not be possible for small businesses.

“It was important that our builders felt like they had options,” said Vengan Anandan, Director of Financial Services at Buildertrend. “By providing finance offerings with competitive rates to builders who are unable to get loans through traditional financing, we’re able to help our customers grow their businesses when many of their competitors don’t have the capital to do so in today’s economic environment.”

Unlike a loan that charges interest, repayments through Buildertrend Financing are automated based on a fixed percentage of the builder’s monthly sales. This is important for an industry where many businesses see huge month-by-month fluctuations. With Buildertrend Financing, pre-approved builders can use their funds for any business purchases, such as buying new equipment, hiring more employees or expanding office locations.

Here’s how it works:

• Eligible Buildertrend customers view their pre-approved offers, verify their identity and bank information, and, if approved, are then able to select their desired loan amount.
• Once accepted, the funds are deposited directly into the builder’s bank account in as little as 1-2 business days. No additional paperwork or credit checks are needed.
• The builder pays a flat fee that depends on the amount of accepted capital.
• Repayments are scheduled automatically and are based on a percentage of the builder’s monthly sales with no interest and no late fees.

Running a construction business requires constant cash flow to succeed and scale. Whether it’s projects to fund, crews to pay or equipment to purchase, Buildertrend Financing provides home builders and remodelers the cash they need to operate their business to its full potential.

By partnering with specialized lenders who understand the construction industry, Buildertrend can now offer customers better approval rates and a wide range of financing options with:

• No credit checks
• No interest
• No late fees

To learn more about Parafin, visit their website here: https://www.parafin.com/

About Buildertrend

Buildertrend is the leading residential construction management platform. Since 2006, we’ve empowered contractors to take control of projects and bring efficiency, organization and seamless communication to every aspect of their business. Builders can stay on top of costs, supplies, staff and more in one convenient place – and take on more projects without adding paperwork and stress. For over 1 million users across 100 countries, Buildertrend has made it easy to run successful projects and deliver a five-star experience to homeowners. To learn more about Buildertrend, visit buildertrend.com and @buildertrend.

About Parafin

Parafin provides a full-stack embedded financial infrastructure that offers small businesses fast, easy access to capital. Parafin works with the platforms that small businesses already use – such as marketplaces, payment processors and software providers – to help them bridge their cash flow needs, invest in their growth and run their business. Parafin was founded in 2020 by Sahill Poddar, Ralph Furman and Vineet Goel, three of the earliest employees at Robinhood. Together, they served as the head of machine learning, first data scientist and head of risk and fraud, respectively.

All loans are issued by Celtic Bank, a Utah-Chartered Industrial Bank, Member FDIC. All loans and offers are subject to credit approval, identity verification, and are subject to periodic review and may change without notice.

Loans are governed by the Loan Agreement and Parafin’s Privacy Policy. Bank transfers are subject to review.