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The Process |
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- The prospective client completes an application and sends it to Prestige Capital with a copy of its accounts receivable aging, accounts payable aging and certificate of incorporation.
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- Prestige provides a written proposal.
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- After the prospective client accepts the terms of the proposal, a nominal due diligence fee is required to cover the cost of our credit investigations and legal documentation.
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- Prestige prepares a Purchase & Sale Agreement (usually within 48 hours), searches for liens and analyzes the credit of the prospective client's customers.
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- Client executes the Purchase & Sale Agreement and sends to Prestige Capital with first assignment and notification letter(s).
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- The first assignment generally takes between 24 to 72 hours to fund. Future assignments are normally funded within 24 hours of assigning invoices.
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- Prestige purchases the accounts receivable and advances
funds to client via wire transfer.
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- When Prestige collects the payment of factored invoice(s), the balance of the invoice (reserves), less the factoring fee, is remitted back to the client the following week.
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