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Prestige Capital, Veritas Financial Partners Provide $10MM Facility for NY Manufacturer

April 06, 2018, 07:00 AM
Filed Under: Manufacturing

Veritas Financial Partners, a leading specialty finance company, announced the closing of a $10 million accounts receivable financing facility in partnership with Prestige Capital Corporation, a nationwide factoring firm servicing small and mid-sized businesses.

The facility will enable substantial 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 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.”

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