Offerpad exercises accordion features on credit facilities

Chicago, Nov. 24 – Offerpad SPE Borrower A, LLC, a wholly owned indirect subsidiary of Offerpad Solutions Inc., announced that it has exercised the accordion features on loans entered into in September, according to an 8-K filed with the Securities and Exchange Commission.

As previously reported, the company had a $100 million accordion on a $300 million two-year facility with J.P. Morgan Chase Bank, NA as administrative agent.

There was also a 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.

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.