Thursday, November 21, 2024
Chris Doyle | President & CEO of Billd | Billd website

Billd secures $100M debt facility to support growth in construction finance

Billd, a provider of financial solutions for commercial subcontractors, has secured a $100 million debt facility led by LL Funds LLC. This move aims to address the growing demand for Billd's Material Financing and Pay App Advance products, which tackle working capital challenges in the construction industry.

Historically, commercial subcontractors have struggled with financing options that are either inadequate or too expensive. The new debt facility positions Billd to offer tailored financial services to meet these needs. Chris Doyle, founder and CEO of Billd, stated, "The construction industry has left subcontractors footing the bill for materials and labor for too long. That responsibility should not be placed on subs."

Raj Mundy, partner at LL Funds, commented on the significance of this development: "Billd provides a unique financing solution to an underserved part of the construction sector, enabling subcontractors to grow their businesses rather than being held captive by capital constraints."

The new warehouse facility will help meet demand for the Pay App Advance product, which advances funds on approved Pay Applications for subcontractors. This is particularly crucial as public project spending rises due to the infrastructure bill.

Founded in 2018 by Christopher Doyle and Jesse Weissburg, Billd offers financial products that provide upfront funds for materials and labor costs. The company extends flexible credit lines with 120-day terms aligned with industry standards.

LL Funds was established in 2009 and focuses on opportunistic investments in asset-backed securities and related companies.

For further inquiries, contact Jon Katz at Katz@billd.com.

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