Prime Commercial Lending & President Kris Roglieri are happy to announce the recent closing of a $6 Million credit facility for a Detroit-based auto parts distributor. The distributor engaged Prime Commercial Lending in order to secure a larger credit facility. Previously, the distributor had a $3.5 Million facility in place with their local banking institution, but was at its legal lending limits with this particular small, credit facility.
In two months, Prime Commercial Lending was able to successfully secure not only a larger credit line of $6 Million, but also provide some inventory financing that the company desperately needed in order to facilitate the growth they were experiencing.
Kris Roglieri, President of Prime Commercial Lending, was quoted as saying, “We love to help businesses like this. They truly serve as the backbone of America’s economy. This situation was a classic example of a bank with its hands tied because of the FDIC’s scrutiny over their downsized legal lending limits.” Kris Roglieri was able to secure competitive terms for the distributor of LIBOR, plus 4%, for a three-year-term.