Daily News: May 11, 2017

Coral Capital Provides $7MM Factoring Facility to 4th Wave

4th Wave Business Solutions, a New York-based telecommunications construction provider, secured a $7 million accounts receivable factoring facility from Coral Capital Solutions.

The telecommunications construction provider was referred to Coral Capital by its bank. The bank partner realized that the company had a unique opportunity to grow its business significantly in a short period of time provided it was able to secure the necessary working capital. The company selected Coral Capital based on Coral Capital’s track record of funding businesses in the telecommunications space, its ability to support the future growth of the company and its automated process of validating dozens of receivables quickly.

Coral Capital was able to underwrite the telecom construction provider for the required funding, close the transaction and pay off the company’s existing line of credit, which had been historically suitable but insufficient to support new growth.

“Our proven telecom industry expertise and fast, flexible financing provided our client with the assurance they needed to pursue their expansion opportunities with confidence,” said Jim Bertie, COO of Coral Capital. “The company’s management team has more than 25 years of experience in the cable industry and with our AR factoring facility in place, it is well positioned to execute its growth plan in 2017 and beyond.”