Waterproofing is a small part of the build that carries a lot of weight. Get it right and nobody notices. Get it wrong and it’s the most expensive defect on the job. Waterproofers know this better than anyone, and they also know the business side: lots of small jobs, lots of builders, lots of invoices waiting to be paid.
When the money owed to you keeps growing while your costs are due every week, fast finance helps you stay ahead.
Why waterproofers need fast finance
The cash flow challenges in waterproofing are specific:
- Volume over size. You might do bathrooms, laundries and balconies across 20 homes in a month, each a small invoice on 30 to 60 day terms. It adds up to a lot of money tied up.
- Membrane and primer stock. Liquid membranes, sheet membranes, torch on, primers, bond breakers and puddle flanges all cost money up front.
- Remedial work. Leaking balconies and showers often mean stripping tiles, rectifying, new membrane and retiling. These jobs are bigger and slower to pay.
- Callbacks. Warranty visits and rectification take time you don’t always get paid for.
- Crew and vans. Getting crews to multiple sites a day needs reliable vans and gear.
What waterproofing businesses use fast finance for
Covering the gap on builder invoices
If you’re subbing to several builders, the total owed to you can easily exceed a month of wages. Subcontractor finance covers that gap until the payments come in.
Taking on remedial and commercial jobs
Remedial balcony work on a townhouse block or tanking a basement for a small commercial build pays well but needs cash to start. A cash flow loan for tradies funds it.
Vans and spray rigs
More crews means more vans, more spray equipment and more tools. A fast business loan buys them outright, along with moisture meters, flood testing gear and the ladders and access equipment each crew needs.
Clearing an ATO debt
Lots of small invoices can hide a growing BAS bill. A lump sum loan clears it in one go. See ATO debt loans for tradies.
Secured vs unsecured waterproofing loans
Secured loans suit waterproofers with property equity: their home, an investment property or land. A fast second mortgage, fast first mortgage or bridging loan can fund in as little as 24 hours in some cases. There’s no need for financials, bad credit is considered, and terms typically run 1 to 12 months. In Victoria, a caveat loan is also available.
Unsecured loans suit waterproofing businesses with an ABN, six months or more of trading and recent business bank statements. The loan is sized to turnover and some are approved and funded within hours.
Loans are for business purposes only. Every loan is priced on your circumstances, and we find the sharpest rate available for your situation.
Example: a waterproofer who took on remedial work
Example only. A waterproofing business in Sydney’s north does wet areas for four builders. A strata committee asks it to quote on fixing leaking balconies across a block of eight townhouses, which involves removing tiles, new membranes and retiling. The job needs around $45,000 in materials, tile removal and a hired tiler before the first payment.
The owner doesn’t own property, but the business has traded for three years. An unsecured cash flow loan of $50,000 funds the job. Once the balconies are signed off and paid, the loan is cleared.
How quickly can a waterproofer get funded?
Fill in our short form, which takes about 60 seconds. A lending specialist calls you back to talk it through. Some unsecured loans are funded within hours. Secured loans can fund in as little as 24 hours in some cases, 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)
- A list of outstanding invoices and builders you work for
- Quotes or contracts for bigger jobs
Key facts
- Loan size: $20,000 to $5 million
- Security: property you own, or unsecured for businesses trading six months or more
- Speed: as little as 24 hours for some secured loans; hours for some unsecured
- Term: secured loans typically 1 to 12 months
- Suits: residential, remedial and small commercial waterproofers
Keep the crews moving
Don’t let slow builder payments hold back a good waterproofing business. Check your options and we’ll tell you quickly if we can help.
