$ 3,000,000| Factoring| New York
$ 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.
