Platinum Funding Group Provides $12 Million Factoring Facility To Electrical Subcontractor
NEW YORK (July 29, 2008) — Platinum Funding Group, a premier factoring company, signed a $12 million accounts receivable factoring agreement with Compsec Electric Corporation (“Compsec”). Compsec is a Long Island City, NY-based licensed electrical subcontractor.
Compsec has been in business since 1999 and works primarily on the new construction projects. The company employs over 100 professionals and does work for major general contractors in the Tri-State area. The company’s chief executives have been in the industry for more than 20 years.
Many healthy companies in the construction-related sectors are having an especially difficult time obtaining traditional financing in the current real estate and credit environment. Using a factor can be their best solution in such a situation.
Through accounts receivable financing, Platinum Funding Group provided the working capital Compsec needed to fund growth. “Platinum’s strength is in providing financing to its clients in a fast and flexible manner,” remarked Eyal Levy, president and CEO of Platinum. “Factoring with Platinum is the optimum financing solution for many companies in the growth mode, because Platinum does not cap the volume of creditworthy invoices our clients can sell us, allowing virtually unlimited access to cash through receivables.
Platinum Funding Group is headquartered in New York City and has regional offices throughout the U.S. Platinum Funding UK Limited commenced operations out of its United Kingdom office in the spring of 2008. Through its UK affiliate, Platinum Funding Group has expanded its services to include purchases of international receivables, with a focus on the European market.
