$ 3,000,000| Factoring | East Coast
$ 3,000,000| Factoring | East Coast
Client:
East Coast high-end branded liquor manufacturer
Situation:
The start-up company, which was originally seeking equity financing, was introduced to Prestige by a bank seeking their non-lending business. The client had a 100% sales concentration account which made it very difficult to raise equity or obtain traditional bank financing. In addition, the client’s contract manufacturer was unable to provide terms due to a lack of payment history.
Need:
Based on forecasted sales to the customer, the client needed a $3 million line for working capital needs.
Solution:
After performing due diligence on the client’s customer, Prestige provided a $3 million factoring line, without diluting equity. Additionally, the referring bank obtained the banking relationship for the client. One and a half years later, the owner sold to a conglomerate for $30 million.
