The Bank of Ann Arbor closed a $4.5 million line of credit for an Illinois-based consumer products packager that needed a new lender.
The company’s previous lender was purchased by a large regional bank and the relationship had soured. To complicate matters, there was a tight time frame to close the deal. The Bank of Ann Arbor was able to close the transaction within 35 days of a signed proposal letter. The collateral included accounts receivable, inventory, equipment and real estate.
