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Recent Transactions

  • Material Handling Company

    $ 2,000,000


    • Client: Midwest bulk material handling company with $10 million in annual sales.

    • Situation: Client was unhappy with their former factor who was not timely in funding assignments of invoices. The client asked his equipment lender for a referral to a new working capital provider.

    • Solution: Prestige provided a $2 million factoring facility to pay off the former factor within six days, and together with the equipment lender, worked out a collateral sharing agreement which gave the client greater borrowing power.

  • Technology Company

    $ 750,000


    East Coast
    • Client: East Coast technology company with $10 million in annual sales.

    • Situation: Client sought cash flow to grow their business without diluting equity.

    • Need: Client pre-bills its customers one year in advance, however there can be a delay before the client receives payments from its customers. In the interim between invoicing customers and collecting cash receipts, the Company needed capital to fund daily operating expenses.

    • Solution: Prestige provided a $750,000 factoring facility within seven days and developed a confirmation letter for the client to provide to his customers which guaranteed payment of the invoices, thereby providing a workable solution for both Prestige and client.

  • Television Production Company

    $ 3,000,000


    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.

  • Window Company

    $ 5,000,000


    New York
    • Client: 21 year old window company located in New York

    • Situation: The company needed additional capital beyond their bank facility.

    • Need: The bank contacted Prestige to assist their client who had been with them for many years.

    • Solution: Within 5 business days, Prestige provided a $5 million dollar line to enable them to fill a backlog of orders and continue to operate their business. Additionally, Prestige provided a Factor’s Assurance letter to their supplier in order to enhance their timely payments to their suppliers and run their operation smoothly.

  • Electronics Importer

    $ 500,000


    Long Island
    • Client: A five year old electronics importer.

    • Situation: The client had insufficient cash flow to fill their orders.

    • Need: As a new entity of a larger conglomerate, this division did not have sufficient length of time in business to obtain a traditional bank facility.

    • Solution: Within 7 business days, Prestige provided a $500,000 line of credit to fill their backlog of orders. In addition, they added two other related companies that also did not qualify for traditional bank financing. Prestige also secured a Factor’s Assurance letter to their supplier which guarantees payment to the supplier once an invoice is sold to Prestige.