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Follow on Google News | Prime Commercial Lending & President Kris Roglieri Close a $6 Million Credit Facility for Auto PartsPrime Commercial Lending & Pres. Kris Roglieri announced the recent $6 Million credit facility to be for a Detroit-based auto parts distributor. The distributor needed a larger credit facility, as the previous $3.5 Million facility became too small.
By: Prime Commercial Lending 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. End
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