FORT LEE, NJ (JUL 2023) — A US-based beverage company’s bank no longer supported the client when their inventory needs grew beyond the bank’s lending formula. An asset-based lender who offers inventory, purchase order financing as well as invoice financing came to an agreement with the client on a replacement facility. As a lender, their due diligence and underwriting process was going to take approximately 60 days. The client needed immediate cash and asked if there was a bridge solution that could be offered.
Fortunately, the asset-based lender has a relationship with Prestige Capital and understood that Prestige could provide a short term bridge solution for the client.
By doing so, it allows the asset based lender the appropriate time to complete its due diligence while the client continues to access working capital through Prestige.
Rachel Hersh, Sales Director, North America at Prestige Capital, expressed enthusiasm about finalizing the deal, stating, “Invoice financing can act as a bridge to an asset-based lender, particularly in time-sensitive situations. With our ability to close deals in just 5 to 7 business days, we are often relied upon to support various types of time-sensitive scenarios.” Hersh commented, “This deal showcased how invoice financing can foster mutually beneficial outcomes.”
Through the strategic utilization of invoice financing, the US-based company successfully maintained its growth trajectory while simultaneously enabling the asset-based lender to preserve the deal.
About Prestige
Since 1985, Prestige Capital, a commercial finance company, has been funding clients directly by turning invoices into cash. We purchase invoices from a broad range of companies with annual sales ranging from $2 million to $300 million. Prestige Capital continues to help companies that either do not qualify for traditional bank financing or need financing faster than a bank’s lengthy underwriting process allows.
To learn more, contact:
Prestige Capital
400 Kelby St., 10th Floor
Fort Lee, NJ 07024 USA
Toll free Phone: 877-944-4455
