Painting is a passion for many who are passionate about their work and want to turn it into a profitable business venture. For these artists, finance plays a vital role in their livelihood. Not only does the artist need to find a way to finance their projects, but also a way to keep their work from becoming “mature” and losing its visual appeal. Most professional painters have a network of people they trust and rely on for support when they hit the road on their painting tours. Many artists also have their own “personal” money management team.
Interior Designers is also able to tap into their artists’ knowledge when they are planning an exterior painting project. Most designers are well-seasoned in their field and can get a feel for the average cost of materials based upon the materials that are being used and the client’s budget. A designer will be able to tailor a plan of action that fits the client’s needs while meeting their budget. Finance is often used by interior designers to gauge costs of materials delivery times.
Contractors who paint houses, apartments, condos and villas often have limited or no finance options available to them. Financing for these projects are typically handled by the contractor. Financing options vary according to the type of contractor. General Contractors has a wide variety of financing options and they are able to work with contractors to set up different financing options.
There are various finance options available for paint projects including a general contractor and/or builder loan, commercial loan, mortgage loan, commercial real estate loan, personal loan, business finance and credit card finance. Depending upon the complexity of the project, there may be more than one type of finance available. Most lenders will require the contractor to demonstrate a significant financial record of success as well as a clear plan to repay the loan. The lender may also look at the contractor’s past financial records and at the time of the loan application.
Some homeowners choose to finance their own project using their home equity loan. A home equity loan is a loan secured against a borrower’s property. If the borrower does not pay off the loan, the lender can foreclose on the property. In most cases, this finance option is not available to first-time home buyers. It is recommended that anyone interested in applying for finance for a paint project consult their local real estate agent.
A second way to finance a painting project is to secure a lump sum loan from a private lender. This lump sum loan could be obtained at a fixed interest rate or it could be a variable interest rate, which would allow you to adjust the interest rate as interest rates change. This finance option should be considered only if the contractor has agreed to a long-term contract with the lender.
Private lenders may be willing to set term limits on the amount of money the contractor will receive for the total cost of the project. Contractors may also be able to obtain interest-free financing through a set term loan that does not require a separate set term. Interest-free loans can save the homeowner hundreds of dollars over the life of the paint project.
Many homeowners realize the benefits of using asset-based financing programs to finance their home painting projects. Although there are benefits of using a traditional loan to finance a painting project, many homeowners do not know how to obtain an asset-based loan. The easiest way to finance a painting project is to apply for an interest-free personal loan from your local banking agency. By creating an asset-based painting finance plan, a homeowner can determine the affordability of his or her painting project and plan to make the necessary payments based on his or her personal financial goals.