Client: Lifestyle Magazine
Situation: This lifestyle magazine had gone through some financial difficulties as the magazine industry has taken a downturn in recent years. Their bank no longer supported them and asked them to find a new lender. The lender that they had been speaking to for the previous 45 days suddenly declined the financing.
Need: A financial partner who would look beyond their financials and look at their receivables which were strong and performing.
Solution: After being introduced by an investment banker, Prestige was able to relieve them of the stress caused by the other finance company and was able to close the deal in a handful of days meeting their bank’s payoff deadline.