No it makes perfect sense. If you are actually credit worthy you can borrow money at a decent rate. When you are desperate and your word is worth less than nothing your last resort is to sell assets, moving money ahead a short period in time at a high price.
There is truth that factoring shifts the risk from SPNG to the buyers. Factoring means that the bank is trusting the ability of the buyers to pay as opposed to a line of credit where SPNG's ability to pay and credit rating counts. I get that point. I also know from my business that sometimes you do what you have to do.
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