Presidential Financial hired Tim Hanchett as a business development officer in Detroit, MI.
In his new role, Hanchett will be responsible for originating, structuring, and funding asset-based financing solutions, with commitment amounts up to $30 million for middle-market businesses in the Midwest and Great Lakes regions.
Hanchett brings significant asset-based lending experience to Presidential Financial, including field examination, portfolio management, credit underwriting and new business development. He most recently served as the national sales manager of WNB Specialty Finance. Prior to WNB, Hanchett worked for 30 years in senior roles at a number of financial institutions, developing and managing asset-based lending portfolios.
Hanchett is an active member of the Association for Corporate Growth, Turnaround Management Association and Commercial Finance Association.
Headquartered in Atlanta with offices in Chicago, Detroit, Dallas, and Phoenix, Presidential Financial provides customized and flexible financing solutions to growing businesses nationwide. Offering lines of credit of up to $30 million, it provides working capital and term loan facilities for acquisitions, recapitalizations, working capital needs, and turnaround situations. Presidential Financial is owned by MidFirst Bank, one of the nation’s largest privately held banks.
