MT Quality Construction turns into homes. iwoca helps business keep building.

There's a roof that needs waterproofing in Northampton town centre, and eight apartments depend on it getting done this week. Mihail Tertea has the team, the materials list, and the schedule planned. What he doesn't have yet is the money in his account.

In construction, costs don't wait; wages are due at the end of the month and materials need paying for upfront. But income arrives on its own schedule, often days or weeks after the work is already done. That gap between spending and getting paid is where Mihail's business lives, every month.

From bathroom renovations to full building conversions

Mihail started MT Quality Construction in 2017, renovating kitchens and bathrooms. Word got around. Before long, investors were asking him to convert entire buildings into apartments and commercial units.

Today, he manages 14 subcontractors and handles the entire process, from drainage to electrics to plumbing. He takes the shell of a building and hands back the keys to a home or office.

Getting here wasn't easy. In the early days, Mihail had to pay himself last. Every pound went into the business first: labour, materials, and subcontractors. Only what was left over came to him.

The cash flow gap between first fix and final payment

Mihail works with property investors who fund his projects through monthly valuations. He completes the work, submits a claim, and the payment follows. In theory, it's a simple rhythm. In practice, the timings don't always match.

Mihail’s costs are fixed and immediate, while his income is reliable but unpredictable in its arrival. A few days' delay on an invoice can mean he can't order materials for the following week, and a week's delay on materials means a week's delay on the whole project.

"I have money, I buy materials. I don't have money, I'm not buying materials," Mihail says. "End of the month, sometimes I'm short because the money has been spent and the next payment hasn't arrived yet."

Mihail doesn't use credit accounts with suppliers. He pays upfront for everything. It keeps things simple, but it means his cash flow has no cushion built in.

A funding line that sets as fast as he needs it

Mihail found iwoca through a Google search years ago. He's stayed ever since.

"I'm a very loyal person," he says. "If I try something and I like it, I'm going to use it again."

What Mihail likes is the speed and simplicity. He can see what's available in his account. When a gap opens up, he picks up the phone, speaks to his account manager, and the money is there in days.

"If I call iwoca tomorrow and say I need £10,000 until Tuesday morning, it's done," he says.

Mihail draws down what he needs, covers the gap, only paying interest on what he uses, and repays when the project payments land.

Nowadays, Mihail can pay himself. "Just keep working," he says. "Everything is possible."

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