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Television Production Company

  • Television Production Company

    $ 3,000,000

    Factoring

    New York
    • Client: New York-based television production company.

    • Situation: Client needed immediate working capital to support the production of a Super Bowl television ad.

    • Need: Client needed to borrow on progress-billed invoices which historically are difficult to finance.

    • Solution: Prestige provided a $3 million factoring facility within 10 days and helped the client obtain appropriate verifications and fund without an estoppel letter, in which a customer, or account debtor, promises that they will not offset future payments based on past client performance. Estoppel letters are required by most lenders and are sometimes difficult to obtain.