FINANCIAL_SERVICESAMENDED

Defaulted $3.5M Loan From BB&T Documented

Spring Lake Property Acquisitions previously borrowed $3.5 million from BB&T Governmental Finance to acquire 160 acres on Manchester Road for economic development. The loan later went into default, leading to a negotiated settlement with the successor bank.

Status
AMENDED
Document date
November 24, 2025
Contract type
FINANCIAL_SERVICES
Vendor
Bb&t Governmental Finance
Agency
Town of Spring Lake · MI

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Motive logo
Veritone logo
TerraCycle logo
Cyvl logo
WithersRavenel logo
Derivita logo
Comcate logo
SafeTouch logo
IANS Research logo
Motive logo
Veritone logo
TerraCycle logo
Cyvl logo
WithersRavenel logo
Derivita logo
Comcate logo
SafeTouch logo
IANS Research logo
Motive logo
Veritone logo
TerraCycle logo
Cyvl logo
WithersRavenel logo
Derivita logo
Comcate logo
SafeTouch logo
IANS Research logo

Scope & details

The full contract record, as filed.

Contract amount
$3.5 million
Contract type
FINANCIAL_SERVICES
Contract term
Approximately 4 years since original loan; restructured to settlement in 2025
Renewal
Original loan for $3.5 million later settled and effectively restructured through a negotiated payoff; no ongoing renewal terms described.
Document type
Minutes
Source document
spring_lake_board_of_commissioners_work_session_mi.pdf

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Frequently asked questions

Common questions about this contract, answered from the record.

Who was awarded the financial services contract by Town of Spring Lake?

Bb&t Governmental Finance was awarded this financial services contract by Town of Spring Lake, as recorded on November 24, 2025. The contract value is $3.5 million.

How much is the Bb&t Governmental Finance contract with Town of Spring Lake worth?

The Bb&t Governmental Finance contract with Town of Spring Lake is valued at $3.5 million, covering financial services work.

What type of contract is this?

This is a Financial Services contract, documented as a minutes record.

Where was this contract approved?

This contract appears in spring_lake_board_of_commissioners_work_session_mi.pdf (Minutes), dated November 24, 2025 from Town of Spring Lake. Civic IQ extracts contract records directly from agency meeting documents and solicitations.

What other contracts does Bb&t Governmental Finance hold?

Bb&t Governmental Finance may hold additional government contracts. View their full contract history, the agencies they serve, and total tracked spend on their Civic IQ vendor profile.

View Bb&t Governmental Finance's profile

What is Town of Spring Lake currently buying?

Explore Town of Spring Lake's vendors, signed contracts, and active RFPs on their Civic IQ agency profile.

View Town of Spring Lake's profile

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