AmeriFirst Financial gets final approval of $5 million DIP facility

By Sarah Lizee

Olympia, Wash., Dec. 29 – AmeriFirst Financial, Inc. received final approval of a $5 million debtor-in-possession facility with prepetition lenders RCP Credit Opportunities Fund Loan SPV (Fund III), LP and RCP Customized Credit Fund (Fund IV-A), LP, according to a final order filed Thursday with the U.S. Bankruptcy Court for the District of Delaware.

The senior secured super-priority term loan will be used for general liquidity purposes, including payment of administrative expenses and estate professional fees.

The DIP facility will bear interest at SOFR plus 200 basis points, payable at maturity. The default rate would be SOFR plus 450 bps, payable in cash monthly in arrears.

Fees include 50 bps on the total facility size and 50 bps on unused commitment amounts both accrued and payable at maturity.

AmeriFirst Financial is a mortgage lender based in Mesa, Ariz. The company filed bankruptcy on Aug. 24 under Chapter 11 case number 23-11240.

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