Offerpad gets $300 million two-year credit facility at Libor plus 250 bps

By Wendy Van Sickle

Columbus, Ohio, Sept. 15 – Offerpad SPE Borrower A, LLC, a wholly owned indirect subsidiary of Offerpad Solutions Inc., entered into a loan and security agreement on Sept. 10 that provides for a $300 million two-year credit facility, according to an 8-K filing with the Securities and Exchange Commission.

J.P. Morgan Chase Bank, NA is the administrative agent.

The loan has a $100 million accordion feature.

There is also mezzanine facility of $37.5 million, with an accordion feature providing for additional capacity of $12.5 million.

The lender on the mezzanine facility is LL Private Funding Lending II, LP.

The credit facility bears interest at Libor plus 250 basis points, and the mezzanine facility bears interest at 13% per annum.

Based in Charlotte, N.C., Offerpad is an iBuyer company that buys homes directly from homeowners.

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