Formwork is where the build takes shape. Footings, slabs, suspended slabs on a townhouse block, retaining walls, stairs and columns all rely on formworkers getting it right before the concrete arrives. It’s labour heavy, gear heavy and timing sensitive, and the money usually comes a long time after the pour.
Fast finance helps formwork businesses stay on top of wages, gear and the gaps between claims.
Why formworkers need fast finance
The money pressures in formwork are tough:
- Labour heavy. Formwork crews are big and wages are due every week, whether or not the builder has paid.
- Gear costs. Formply, timber, props, beams, deck systems and edge forms are expensive and wear out with every job.
- Pour delays. Rain, a failed inspection or a concrete supply issue can push a pour back, and your crew and hire costs keep running.
- Progress claims and retention. Builders pay on claim cycles, and retention is often held until practical completion or longer.
- Trucks and cranes. Moving gear between sites needs trucks, and suspended work may need crane time.
What formworkers use fast finance for
Wages while waiting on claims
The classic formwork squeeze is a big crew and a slow claim. Progress payment gap finance covers the time between doing the work and getting paid. The guide on security of payment claims and cash flow explains the claim side.
Buying formwork gear
Owning your own props, beams and ply means you’re not paying hire forever. A fast loan buys it outright. See equipment finance for tradies.
A truck or crane truck
Getting gear to site on time is half the job. A business loan can buy a truck quickly.
Paying the ATO
Big wage bills mean big PAYG obligations. A lump sum loan clears an ATO debt without sacrificing next week’s pay run. See ATO debt loans for tradies.
Stepping up to bigger work
Moving from house slabs to suspended slabs on townhouses or small commercial buildings needs more gear and more crew. Finance lets you make the jump.
Secured vs unsecured formwork loans
Secured loans suit formworkers who own property: a home, investment property, a yard or land with equity. A fast second mortgage, fast first mortgage or bridging loan can fund in as little as 24 hours in some cases. No financials are needed, bad credit is considered, and terms typically run 1 to 12 months. In Victoria a caveat loan is another option.
Unsecured loans suit formwork businesses with an ABN, six months or more of trading and recent business bank statements. They’re sized to turnover, and some are funded within hours.
All loans are for business purposes. Every loan is priced on your circumstances, and our lending team finds the sharpest rate available for your situation.
Example: moving up to suspended slabs
Example only. A formwork business in Canberra has done house slabs and footings for years. A builder offers it the suspended slabs on a block of six townhouses. The job needs a deck system, extra props and beams, and two more formworkers, around $120,000 before the first claim is paid.
The owner has equity in their home and a small yard. A fast second mortgage over the yard funds the gear and the first month of extra wages. Progress claims, plus the ongoing savings from owning the gear rather than hiring it, repay the loan within the term.
How fast can a formworker get funded?
Our form takes about 60 seconds. A lending specialist calls you back to go through options. Some unsecured loans are funded within hours. Secured loans can fund in as little as 24 hours in some cases, and typically within a few days once valuation and documents are in.
What to have ready
- ABN and business details
- Recent business bank statements (unsecured)
- Property details and what’s owing (secured)
- Contracts, claim schedules and retention held
- Quotes for gear or trucks
Key facts
- Loan size: $20,000 to $5 million
- Security: property equity, or unsecured for businesses trading six months or more
- Speed: hours for some unsecured loans; as little as 24 hours for some secured loans
- Term: secured loans typically 1 to 12 months
- Suits: residential and small commercial formwork contractors
Get the gear, pay the crew, make the pour
Don’t let a slow claim hold up your next job. See if you qualify and we’ll tell you quickly if we can help.
