Offerpad gets replacement credit facility maturing in 2025

By Wendy Van Sickle

Columbus, Ohio, Oct. 17 – Offerpad SPE Borrower A, LLC, a wholly owned indirect subsidiary of Offerpad Solutions Inc., entered into a loan and security agreement on Oct. 16 that provides for a $200 million credit facility, $100 million of which is committed.

There is also a mezzanine facility of $45 million, $22.5 million of which is committed.

The facilities mature on July 16, 2025, according to an 8-K filing with the Securities and Exchange Commission.

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

The loan agreement replaces and supersedes the loan agreement dated Sept. 10, 2021.

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

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