Prestige Capital provided $12 million in funding to a New York-based construction design consulting firm after it was acquired by new owners.
The firm was unable to get funding from its bank due to legal and financial issues that took place under previous ownership. Though its bank had recently exited the firm’s loan, the firm’s banker referred the client to Prestige Capital.
“When we say relationships matter, we mean it,” Stuart Rosenthal, president of Prestige Capital, said. “Our database is not just a collection of contacts; it’s a network of relationships that we leverage to support our clients.”
Prestige Capital has been partnering with this particular banker for years.
“We’ve successfully funded various deals with this referral partner over the years,” Rachel Hersh, sales director of North America at Prestige Capital, says. “Partners know that we don’t base our decision on the financial strength or weakness of our clients. Rather, we focus on the quality of the accounts receivable. This gives them confidence that Prestige can finance companies that have good accounts receivable without their financial strength being a barrier. This partnership keeps Prestige at the top of minds when a deal with A/R crosses their desk and needs cash flow fast.”