The State Bank closed three new financing facilities secured by projects in Michigan.
The first was a $6.1 million refinancing of an apartment rental portfolio in Lansing, Michigan. Matthew Wilk of the State Bank in Brighton, Michigan, arranged the financing with the assistance of Matt Shane of q10-Lutz financial Services.
The second project was the purchase of a multifamily property in Chesterfield Township, Michigan. This was the first large-scale acquisition for this customer, who had experience in the ownership of single-family rentals before this purchase. Wilk also arranged the financing for this deal.
The third project was the refinance and expansion of a dental practice in Livonia, Michigan. State Bank used the U.S. Small Business Administration’s 7(a) program to provide a long-term loan for the dentist. Wilk again arranged the financing.