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Mackinac Commercial Credit Announces Recent Fundings

December 10, 2014, 07:09 AM

Mackinac Commercial Credit announced the closing of two transactions in early December. The transactions are:

A Michigan based legal support services company obtained a $2 million asset-based line of credit from MCC to support their dramatic sales growth.  The firm’s community bank could not keep up with the rapid growth rate that this dynamic company is experiencing.  A trusted advisor called MCC into the deal and after an assessment of management and the collateral a new loan was put in place in three weeks that paid off the bank and provided needed liquidity to allow the firm to continue its growth.

An Ohio based commodity products distributor obtained a $1 million asset-based line of credit from MCC.  They were in need of a more flexible lending solution. The incumbent lender was only interested in factoring their accounts.  MCC stepped in quickly and offered them a revolving asset based loan on their accounts receivable. The loan funded eight days after the field audit was completed.

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