Mackinac Commercial Credit funds $1,500,000 A/R and Inventory line of credit
Mackinac Commercial Credit (MCC) has funded a new $1,500,000 A/R and Inventory line of credit for a Michigan based building products Distributor. The Distributor had suffered during the Great Recession and had to exit its long term bank relationship. The replacement financing was cumbersome and expensive as it was composed of two different lenders, an A/R lender and an Inventory lender. Mackinac was called in by a trusted advisor of the Distributor who asked if MCC could provide a one lender solution. Mackinac assessed the character of the ownership, the collateral, and saw the firm was heading in the right direction. Mackinac then closed the transaction within 7 business days of the start of the field audit to meet the client’s dead line to give notice to its existing two lenders. Mackinac’s line of credit saved the client substantial interest costs and provided them with increased availability.