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Magnet Bank offers commercial, residential, construction, and personal lending services.
Founded in 2005 and based in Salt Lake City, US, Magnet Bank is an industrial retail bank offering commercial, residential, and construction lending. It provides loans to small and medium-sized companies with annual revenue between USD 2 million and USD 10 million. The bank raised USD 48 million for its inception in September 2005, led by Northaven Management, Stone Point Capital, and others.
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