mfg Posted December 9, 2017 Report Posted December 9, 2017 Two banks came through with financing allowing Steve Blake's acquisition of Avanti Motors. One of them was the 1st Source Bank of South Bend....Can anyone name the other?
studegary Posted December 9, 2017 Report Posted December 9, 2017 My understanding - 1st Source Bank + shareholders loans + shareholders investment for the purchase. At the closing - a working capital line of credit was tapped. However, this was not "financing allowing...acquisition." 1 hour ago, mfg said: Two banks came through with financing allowing Steve Blake's acquisition of Avanti Motors. One of them was the 1st Source Bank of South Bend....Can anyone name the other?
mfg Posted December 9, 2017 Author Report Posted December 9, 2017 30 minutes ago, studegary said: My understanding - 1st Source Bank + shareholders loans + shareholders investment for the purchase. At the closing - a working capital line of credit was tapped. However, this was not "financing allowing...acquisition." Share holders plus 1st Source Bank were indeed involved, however there was also a secondary bank....(HINT...$100K 'bridge' loan)
studegary Posted December 9, 2017 Report Posted December 9, 2017 (edited) 23 minutes ago, mfg said: Share holders plus 1st Source Bank were indeed involved, however there was also a secondary bank....(HINT...$100K 'bridge' loan) Are you sure that it was a "bridge loan" for acquisition and not a draw from a line of credit for operation? Edited December 9, 2017 by studegary . to ?
mfg Posted December 9, 2017 Author Report Posted December 9, 2017 2 minutes ago, studegary said: Are you sure that it was a "bridge loan" for acquisition and not a draw from a line of credit for operation? Yes.
lschuc Posted December 13, 2017 Report Posted December 13, 2017 He a $2.5 million, 10-year loan from 1st Source, of which 75 percent was guaranteed by the state of Indiana. He got some money from Security National Bank, about $30,000, but that bank eventually sued Blake to get the money back.
mfg Posted December 16, 2017 Author Report Posted December 16, 2017 On 12/13/2017 at 6:07 PM, lschuc said: He a $2.5 million, 10-year loan from 1st Source, of which 75 percent was guaranteed by the state of Indiana. He got some money from Security National Bank, about $30,000, but that bank eventually sued Blake to get the money back. Good info!....The 'REGARDIE'S' article mentioned Blake received a $100,000 bridge loan from the D.C. National Bank.
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