Company: BLNE
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001641172-25-024044
Chunk: 22

Company: Beeline Holdings, Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 8
Chunk 22
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audited)

10.
WAREHOUSE LINE OF CREDIT 

On
September 21, 2021, Beeline Loans entered into an agreement with a lender for a $10.0 million line of credit. The line automatically
renews for successive one-year terms, unless terminated by Beeline Loans or the lender upon 60 days’ notice. The line was renewed
on September 30, 2023 with a reduction in available funding from $10.0 million to $5.0 million. The line has subsequently been renewed
with the latest renewal through September 21, 2025 at the current $5.0 million limit subject to lender discretion. The interest rate
is the greater of interest on the underlying loan or 4.25% - 5.50%, depending on how many loans Beeline Loans closes per month. Beeline
Loans is required to provide the lender with annual audited financial statements, quarterly unaudited financial statements, and monthly
interim unaudited financial statements if requested. Beeline Loans is also subject to loan repurchase provisions as defined in the agreement
and certain non-financial covenants. Beeline Loans grants to the lender a security interest in and to all of Beeline Loans’ right,
title, and interest in and to each mortgage loan in which the lender has acquired a warehouse interest. As of June 30, 2025, the warehouse
line of credit and accrued interest outstanding balance was $5.2 million. The lender allowed the draws to exceed the $5.0 million line
of credit. Interest expense on the warehouse line of credit was $0.1 million for the six months ended June 30, 2025.

11.
NOTES PAYABLE

Notes
payable consisted of the following:

 SCHEDULE OF NOTES PAYABLE

    (Dollars in thousands) 
    June 30, 2025  
    December 31, 2024 
  
    Note payable - 2023 
    $400  
    $500 
  
    Term loan agreement 
     250  
     275 
  
    Total 
     650  
     775 
  
    Accrued interest 
     74  
     70 
  
    Debt discount 
     (3) 
     (5)
  
    Notes payable, net 
    $721  
    $840 

On
May 13, 2025, the Company borrowed $