FBT Assists Lender in Restructuring Existing Syndication into Single Lender Loan Transaction

Client: Anonymous
Open date: March 1, 2011
Close date: May 12, 2011
Monetary value: $42,926,239

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. 

Outcome

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.

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