A Michigan based machine tool builder needed a new lender. The Bank of Ann Arbor asset-based lending team met with the management team at the plant in Michigan, heard their business plan and future projections and provided a $5.5MM Asset Based Lending line of credit and a $2.1MM 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.