With the current market conditions, there's likely to be an increase in opportunities for factoring companies as many businesses are looking to alternative financing options.
New York, NY (PRWEB) January 17, 2008
Platinum Funding Group, a leading factoring company, announced that it provided $250 million in financing for new deals in 2007. This volume is a record for Platinum since the company began its operations in 1992.
"2007 was our best year yet," said Eyal Levy, founder and CEO of Platinum Funding Group. "With the current market conditions, there's likely to be an increase in opportunities for factoring companies as many businesses are looking to alternative financing options."
In March, Platinum Funding Group provided an $80-million factoring facility in 48 hours to Hawk One Security, Inc., a security guard company that provides 1,100 guards daily to Washington, D.C. public schools. This deal illustrated Platinum's exceptional ability to provide a very large volume of financing in record time to companies in distress and was one of the most significant deals of the year.
Platinum Funding Group recently won a landmark legal decision against Dessert Beauty, Inc., a distributor of Jessica Simpson's edible cosmetics products. Judge Shira A. Scheindlin of the Southern District of New York ruled that Platinum's shortfall fee was enforceable pursuant to an alternative fee structure under the factoring agreement. The ruling provides assurance of protection of investments made by non-traditional lenders in the event of non-performance by their contractual partners.
Company developments that were critical to Platinum Funding Group's rapid growth in 2007 included:
- the opening of its first West Coast office in Los Angeles CA, headed by Rick Collins.
- starting an operation in Atlanta, GA, with Dina Niron leading those efforts.
- the relocation of its operations division from Hackensack, NJ to its New York City headquarters in April.
Platinum's expansion throughout the U.S. allowed the company to solidify relationships with key local financial communities. It also brought the operations team closer to the marketing and management teams to improve efficiency and communication.
The year ended on a high note as Citibank joined JPMorgan Chase as a participating bank to provide Platinum Funding Group with additional financing for its operations. JPMorgan Chase has been financing Platinum since 1994. The new relationship increases Platinum's ability to provide a greater volume of funding to its clients in 2008. The higher credit line also allows the company to take advantage of growing market opportunities by taking on larger clients and gaining the financial flexibility to work on more complex deals.
"Given our growth this year from a geographic and financial perspective, we look forward to giving our clients the same quality service in 2008 and increasing our presence in the market overall," continued Mr. Levy.
For more information, visit http://www.PlatinumFundingGroup.com or contact:
Platinum Funding Group
212-944-2828 ext. 215
Walek & Associates
About Platinum Funding Group:
Platinum Funding Group, a leading factoring company, provides clients with accounts receivable funding, letters of credit, bridge funding, and accounts receivable management. Established in 1992, the company has been consistently assisting companies with annual sales revenue between $1 million and $150 million. Platinum possesses the financial resources to serve the needs of clients across more than 30 industries. The company holds a leading position in factoring services, issuing same day advances on accounts receivable to start-ups, fast growing firms, and companies in Chapter 11. Platinum Funding Group is headquartered in New York City and has regional offices throughout the U.S.