Company: BLNE
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001641172-25-004793
Chunk: 394

Company: Beeline Holdings, Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 1B
Chunk 394
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 a lender for a $10.0 million line of credit. The line automatically renews for successive one-year terms, unless terminated
by the Company or 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 the Company closes per month. The Company is required to provide the lender with annual audited financial statements,
quarterly unaudited financial statements, and monthly interim unaudited financial statements if requested. The Company is also subject
to loan repurchase provisions as defined in the agreement and certain non-financial covenants. The Company grants to the lender a security
interest in and to all of the Company’s right, title, and interest in and to each mortgage loan in which the lender has acquired
a warehouse interest. As of December 31, 2024, the warehouse line of credit and accrued interest outstanding balance was $6.1 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 period October 8, 2024 through December 31, 2024.

    F-24

Beeline Holdings, Inc.

Notes to Consolidated Financial Statements

December 31, 2024 and 2023

14. NOTES PAYABLE

Notes payable consisted of the following as of December
31:

SCHEDULE OF NOTES PAYABLE

    (Dollars in thousands) 
    2024 
     
    2023

    Promissory notes 
    $- 
     
    $
    7,990

    Notes payable - 2024 
     3,600 

    -

    Note payable - 2023 
     500 

    -

    Term loan agreement 
     275 

    -

    Total 
     4,375 

    7,990

    Accrued interest 
     269 

    52

    Debt discount 
     (651)

    -

    Notes payable, net 
    $3,993