Specialty finance company Veritas Financial Partners closed a $10 million accounts receivable financing facility in partnership with Prestige Capital, a nationwide factoring firm servicing small and mid-sized businesses.
The facility will be used to enable growth for a New York-based manufacturer of architectural windows, doors and other architectural aluminum products for residential, commercial and institutional customers. The company had a $5 million credit facility with Prestige Capital, but with a strong growth trajectory and backlog of work, sought additional funding to double its manufacturing footprint.
“We are honored to participate with Prestige on this transaction to help their client seize the opportunity they had to grow and open more manufacturing space,” said Mark Seigel, president of Veritas Financial Partners. “Our focus is on delivering the ability to scale when we work with any of our lending partners. We look forward to a continued and productive referral relationship with Prestige.”
“In a participation deal, it’s important to us to find a partner who aligns with our values of flexibility and straightforwardness,” said Stuart Rosenthal, executive vice president of Prestige Capital. “Veritas delivers the financial strength, integrity and professionalism we look for in ourselves and our partners.”