Alerus Financial (formerly Metro Phoenix Bank) is no longer making new out of home advertising loans.   Alerus considered a sale of the $55 million loan portfolio but Billboard Insider hears it now plans to make no new loans and let the portfolio run off.

What does this mean for you if you are an Alerus borrower?  Not much as long as you are currently in compliance with your Alerus loan and are paying the loan down as provided.  You should begin thinking about lending alternatives, however, if you think you might need more money or if your loan with Alerus is expiring.

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