Michigan coach Rich Rodriguez and seven of his assistants have received $3.3 million in mortgages and lines of credit from the bank founded by Wolverine athletic director Bill Martin, the Detroit News reports.
Basektball coach John Beilein also received his mortgage at Bank of Ann Arbor. All totaled, 11 coaches have secured more than $4 million in loans from the bank where Martin is a shareholder and chairman of the board.
"I don't suggest banks to any coach," said Martin, pictured above. "I don't ever get involved in their financial affairs in any way, shape or form. I believe it would be a conflict of interest [to do so]."
According to the report: "Only Beilein's $417,000 mortgage still is held by the bank; the others were sold to investors. The bank still holds more than $1 million in the lines of credit for seven of the coaches, including a $783,000 credit line for Rodriguez. It's unknown how much of those credit lines have been drawn by the coaches, or terms of the deals.
"Martin said he would ask the bank to sell any loan it still holds. Bank president and CEO Tim Marshall said he'd investigate why Beilein's mortgage hasn't been sold. He said the bank would likely retain the lines of credit because they represent 'consumer products.'
"Records show Rodriguez borrowed $417,000 from the bank for his $1.5 million home in Saline. Rodriguez still owns a 10,000 square-foot home in Morgantown, W.Va. It's currently on the market for $1.8 million."