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Fast Track Bonding

Fast track bond programs can be the entry program for small contractors Because it is highly competitive and emphasizes service with common-sense and streamlined underwriting, it is important that you have an agency the understands the subtle nuances of surety underwriting. Support is determined from a single/aggregate bond need and based in part on experience and credit. The following is a guideline. Keep in mind bonding is very subjective and exceptions can be made with the proper preparation and presentation to the right market. Having more markets to approach than any other agency, gives us the power of negotiation on your part, meaning better terms and conditions. Contact Us to discuss and understand your unique situation.

SINGLE 

Largest single size project you expect to bid or perform

AGGREGATE

Is the total combined projects you expect to manage at one given time

 

There is No Cost Involved in setting up or maintaining your bond line and bid bonds are free. The only time you have a cost is when you are awarded a project and need to provide a performance and payment bond.

UP TO 750,000 Single

What are the requirements to obtain bond support for projects up to 750,000 with EXCELLENT CREDIT

  • Contractor Questionnaire

  • Typically a surety will extend bonding support up to 2X your largest completed project to date. As we mentioned Bonding is subjective and certain exceptions can be made.

  • Credit Score 730 or higher

What are the requirements to obtain bond support for projects over 500,000 up to 750,000 with GOOD OR FAIR CREDIT?

  • Contractor's Questionnaire

  • Internal year-end and year to date financials on an accrual basis. CPA statements preferred.  

  • Personal Financial Statement

  • Bank Reference Form

  • Typically a surety will extend credit up to 2X your largest project complete to date. As we mentioned Bonding is subjective and certain exceptions can be made.

  • Credit Score 650 or Higher depending on what is affecting your score this number can vary.

UP TO 500,000 Single

What are the requirements to obtain bond support for projects up to 500,000 with GOOD CREDIT 

  • Contractor's Questionnaire

  • Experience typically a surety will extend credit up to 2X your largest project completed to date. As we mentioned Bonding is subjective and certain exceptions can be made.

  • Credit Score 650 or higher

What are the requirements to obtain bond support for projects up to 500,000 with a credit score under 650

  • Contractor's Questionnaire

  • Internal year-end and year to date financials on an accrual basis. CPA statements preferred.  

  • Personal Financial Statement 

  • Bank Reference Form

  • Resumes of not only owners but key employees with a focus on Previous and current experience. Detailing key role, project size, scope. A detailed resume can help build the sureties awareness of your qualifications and abilities.

  • References from your various completed projects, including any awards and accomplishments.  

  • Typically a surety will extend credit up to 2X your largest project completed to date. As we mentioned Bonding is subjective and certain exceptions can be made.

  • Credit Score 650 or Higher, depending on what is affecting your score this number can vary.

My Credit is not that great how can I get bonded?

As surety bond specialist with access to more solutions to help contractors get surety bonds. We have specialty rehab programs to overcome many issues that may exist. ​Below are a few options!

  • Funds Control 

  • Collateral

  • Additional indemnity

  • The SBA Bond Guarantee Program 

 
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CONTACT US

NIELSON HOOVER AND COMPANY

 220 CONGRESS PARK DRIVE, SUITE 100 DELRAY BEACH, FLORIDA 334455

TEL: 561-676-2322

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