Marble and Tile Importer
Client: Long Island-based marble and tile importer with $10 million in annual sales.
Situation: The twenty-year-old company had historically been self-funded. The importer experienced a cash flow crunch when its receivable turnover slowed to an unprecedented 60 days and its vendors required payment within 30 days.
Need: The client needed a working capital line to close the accounts receivable/accounts payable gap and take advantage of trade discounts.
Solution: Prestige provided $3 million in receivables funding. The company was no longer strained by the slow turnover of receivables and increased sales by 20% in three months.
Information Technology Company
Client: Texas-based Information technology company with $6 million in annual sales.
Situation: The five-year-old company obtained a $5.5 million three-year contract.
Need: The client needed immediate working capital to pay its overseas service subcontractor in a timely fashion.
Solution: Prestige quickly met with management at their Texas headquarters and funded over $1 million of accounts receivable within four business days.
Manufacturer of Thermal Backfill
Client: New England-based refrigeration and air conditioning service specialist with $4 million annual sales.
Situation: The twenty-year-old company’s existing lender could no longer support its rapid growth. The company was awarded two long term contracts which would almost double their revenue.
Need: The client needed a growth facility which would enable them to accept and support large orders.
Solution: The existing lender felt a strong loyalty to client and agreed to a structured payoff to expedite the closing and support the client’s needs. Within seven days, Prestige provided a factoring line which enabled client to transition seamlessly.
Manufacturer of Telephone Accessories
Client: New Jersey-based manufacturer of telephone accessories with $1million in annual sales.
Situation: The start-up was looking for an alternative to raising equity at the early stage of their business.
Need: The client needed working capital to pay overseas suppliers in a timely manner.
Solution: Prestige provided a $2.5 million factoring line of credit to meet the client’s initial needs and provide for ongoing growth.
Client: New York-based Microsoft software consultant with $4 million annual sales.
Situation: The six-year-old company was seeking to refinance its line when it became a victim of a bait and switch scenario by an unscrupulous lender. Shortly before loan closing the company learned that the lender’s actual terms varied drastically from the original proposal.
Need: The client was in need of immediate financing and wanted a lender they could trust.
Solution: Prestige provided a fast, simple and straightforward proposal and closed on a factoring facility within five business days.