FBT Assists Lender in Restructuring Existing Syndication into Single Lender Loan Transaction
Three related entities, and their subsidiaries, each provide manufacturing that supports the automotive industry. The Lender was previously the agent for a 5 bank syndication of the loans to the related entities. Lender desired to make the entire loan itself, but wanted to minimize costs to the borrower group related to a number of parcels of real estate that secured the loan and were insured with title insurance.
Kim Mauer and Ann Jennings, who represented Multi-State Title Agency, LLC, FBT’s affiliated title company, were able to structure the new loans in such a way that there was no additional cost to the borrower group for the real estate mortgages and title insurance. This new structure saved the borrower group well over $100,000 in title insurance fees and recording fees, as well as simplified the loan structure to the borrower group.