Veritas Financial Partners (“Veritas”), a leading specialty finance company, announced the closing of a $10 million accounts receivable financing facility in partnership with Prestige Capital Corporation (“Prestige”), a nationwide factoring firm servicing small and mid-sized businesses.
The facility will enable substantial growth for a New York-based manufacturer (the “Company”) 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 their manufacturing footprint. Prestige selected Veritas to partner on the $10 million facility.
“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, 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.”
Veritas participates with other strong leads in multi-lender facilities including factors, asset-based lenders and complementary capital providers. In addition, through its Lender Finance platform, Veritas has provided financing solutions to many commercial and consumer finance companies who seek to accelerate growth whether through expansion or acquisition, or to attain maximum borrowing power from their portfolios.
“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.”
About Veritas Financial Partners
Veritas Financial Partners is a specialty finance firm that provides $2 – $20 million senior secured credit solutions to businesses across various industries. Veritas serves entrepreneurs, management teams and private equity sponsors by delivering the flexible, responsive capital needed to achieve their goals. As an affiliate of an investment fund with $2.5 billion in assets under management, Veritas benefits from a substantial long-term capital base.
About Prestige Capital Corporation
Established in 1985, Prestige Capital Corporation is a commercial finance company specializing in factoring for small and medium-sized companies in a broad spectrum of businesses whose accounts receivable range from $100,000 to $20 Million. They offer services including Factoring, Credit Protection Services, Factors Assurance Program and Back Office Services. Prestige Capital’s team of experienced financial professionals can help improve a business’s overall financial stability. To learn more, visit prestigecapital.com.