CHICAGO, May perhaps 12, 2022 (World NEWSWIRE) — Chicago Atlantic Real Estate Finance, Inc. (NASDAQ: REFI) (“Chicago Atlantic” or the “Company”), a professional authentic estate finance corporation, today announced that Chicago Atlantic Lincoln, LLC (“Chicago Atlantic Lincoln”), its wholly-owned funding subsidiary, entered into an Amended and Restated Bank loan and Protection Agreement by and between Chicago Atlantic Lincoln and two FDIC-insured economic establishments similar to upsizing its secured revolving credit facility (the “Revolving Loan”).
The Revolving Loan’s aggregate commitment was increased from $45. million to $65. million with a maturity date of December 16, 2023, and a 1-year extension selection, subject matter to customary problems.
The Revolving Bank loan bears curiosity at a floating amount, based mostly upon Chicago Atlantic Lincoln’s leverage ratio, ranging from % to 1.25% about the Primary Charge, issue to a 3.25% Prime Price flooring. The Firm expects to use the available borrowing base from the Revolving Loan to fund supplemental loans and for common corporate reasons.
John Mazarakis, Government Chairman of Chicago Atlantic, noted, “We are happy to function with our lending team to enhance our revolving credit facility to $65 million and assist our continued growth.”
About Chicago Atlantic True Estate Finance, Inc.
Chicago Atlantic Real Estate Finance, Inc. (NASDAQ: REFI) is a market-top home loan REIT employing important serious estate, credit score and cannabis skills to originate senior secured financial loans principally to point out-licensed hashish operators in minimal-license states in the United States.
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