Company: BLNE
Filing Date: 2025-02-05
Form Type: DEF 14A
Source: 0001493152-25-005006
Chunk: 247

Company: Beeline Holdings, Inc.
Filing Date: 2025-02-05
Form: DEF 14A
Chunk 247
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OLIDATED FINANCIAL STATEMENT

September 30, 2024

(Unaudited)</div>

NOTE 7 - WAREHOUSE LINES OF CREDIT

Warehouse Lines of Credit

Beeline engaged with one bank for a line of credit to fund originated loans in the normal course of business. The agreement contains specific financial covenants and requirements that Beeline must analyze on a quarterly basis in order to be compliant with the agreement. The aggregate potential borrowing capacity under the warehouse line of credit is $5,000,000as of September 30, 2024.

FIRSTFUNDING, INC.

On October 1, 2022, Beeline entered into an agreement with FirstFunding, Inc. for a $5,000,000line. The line automatically renews for successive one-year terms, unless terminated by Beeline or FirstFunding, Inc. The interest rate is the greater of 1.) interest on the underlying loan or 2.) 4.25% - 5.50%, depending on how many loans Beeline closes per month. Beeline is required to provide FirstFunding, Inc. with annual audited financial statements and monthly interim unaudited financial statements. Beeline is also subject to non-financial covenants.

The below is a summary of warehouse lines outstanding as of September 30, 2024 and December 31, 2023:

Summary of Warehouse Lines Outstanding

| Year               |     | Warehouse Lender    |     | Line Amount |           |     | Outstanding |           |     | Remaining Unused |           |
|:-------------------|:----|:--------------------|:----|:------------|----------:|:----|:------------|----------:|:----|:-----------------|----------:|
| December 31, 2023  |     | First Funding, Inc. |     | $           | 5,000,000 |     | $           | 2,157,119 |     | $                | 2,841,901 |
| September 30, 2024 |     | First Funding, Inc. |     | $           | 5,000,000 |     | $           | 5,996,846 |     | $                | 4,003,154 |

FLAGSTAR BANK

As of July 25, 2023, Beeline requested the closure of the Flagstar Bank warehouse line. The Company’s focus has been on non-QM loans as the market