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Recent Transactions


  • Refrigeration and A/C Services

    $ 550,000

    Factoring

    New England
    • Client: New England-based refrigeration and air conditioning service specialist with $4 million annual sales.

    • Situation: The fifteen-year-old seasonal business had fluctuations in sales and cash flow throughout the year. A request for a line increase to provide additional working capital during peak periods was declined by their bank.

    • Need: The client needed flexible working capital financing to purchase inventory and hire seasonal personnel.

    • Solution: Within ten days from application, Prestige provided the client with a factoring facility which provided steady and predictable cash flow and met seasonal demands.

  • Perfume Packaging Company

    $ 750,000

    Factoring

    Long Island
    • Client: Long Island-based perfume packaging company with $5 million in annual sales.

    • Situation: The two-year-old business had a significant sales concentration which made it very difficult to obtain traditional bank financing. In addition, the company required purchase order financing to fulfill large perfume orders.

    • Need: : The client needed a financing partner who could structure a unique financing solution tailored to their specific needs.

    • Solution: Within one week from application, Prestige funded existing invoices to help the company pay for goods from their suppliers and simultaneously introduced them to a purchase order partner to help fund future purchase orders.

  • Concrete Company

    $ 1,000,000

    Factoring

    New Jersey
    • Client: New Jersey-based third generation ready-mix concrete company with $8 million in annual sales.

    • Situation: The company’s bank was taken over by the FDIC which resulted in their loss of an ongoing funding source. Without a line, the 11-year-old company was unable to pay its vendors and had to scale back operations.

    • Need: In order to repay its debt to the bank/FDIC and secure financing to resume normal business operations, the company needed a finance company that was sophisticated enough to negotiate with both the bank and the FDIC attorneys to close the deal.

    • Solution: After several months of bureaucratic negotiations, Prestige factored approximately $1 million in receivables, repaying the client’s debt and cleaning up its payables so that the company could return to normal operations.

  • Carton Manufacturer

    $ 300,000

    Factoring

    New Jersey
    • Client: U.S. Subsidiary of German carton manufacturer with $5 million in annual sales.

    • Situation: The ten-year-old subsidiary was historically funded by its foreign parent company. Due to global banking environment, the parent company made an abrupt decision to stop supporting the U.S. subsidiary. The subsidiary faced closure if it could not secure financing.

    • Need: The subsidiary needed immediate stand-alone financing to provide for its ongoing capital needs.

    • Solution: Within four days, Prestige purchased and funded $300,000 in receivables which prevented a disruption in operations and preserved jobs. Without this funding, the subsidiary would have closed.

  • Importer of Household Goods

    $ 600,000

    Factoring

    New Jersey
    • Client: New Jersey-based importer of household goods with $4 million in annual sales.

    • Situation: The three-year-old company had a strong backlog of orders but did not have adequate cash flow to purchase inventory to fulfill them. The importer applied for an SBA loan but was told it would take a while to get approved.

    • Need: The client needed bridge financing to fill the gap until the SBA loan was approved.

    • Solution: Prestige provided bridge financing while client arranged for additional working capital with an SBA lender. The SBA loan funded additional assets, while Prestige continued to fund receivables to support daily working capital needs.