Bank of Ann Arbor’s ABL Group closed a $7.6 million credit facility for a Michigan based machine tool builder. The asset-based lending team met with the management team at the plant in Michigan, heard their business plan and future projections and provided a $5.5 million asset-based lending line of credit and a $2.1 million commercial mortgage that would meet their future needs. The collateral included A/R, inventory, equipment and real estate.
The firm chose The Bank of Ann Arbor’s asset-based lending group as it provided their answer both for short term funding and as a bridge to a long-term relationship as a Bank of Ann Arbor client.
