Company: BLNE
Filing Date: 2025-01-08
Form Type: S-1/A
Source: 0001493152-25-001415
Chunk: 204

Company: Beeline Holdings, Inc.
Filing Date: 2025-01-08
Form: S-1/A
Chunk 204
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 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, quarterly unaudited financial statements, and monthly interim unaudited financial statements if requested. Beeline is also subject to non-financial covenants. Beeline grants to the lender a security interest in and to all of Beeline’s right, title, and interest in and to each mortgage loan in which the lender has acquired a warehouse interest.

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 has fluctuated and First Funding permits both non-QM and conventional loans.

The below is a summary of warehouse lines outstanding as of December 31:

Summary of Warehouse Lines Outstanding

| Year |     | Warehouse          
 Lender             |     | Line   
 Amount |            |     | Outstanding |           |     | Remaining 
 Unused    |           |
|:-----|:----|:-------------------|:----|:-------|-----------:|:----|:------------|----------:|:----|:----------|----------:|
| 2023 |     | FirstFunding, Inc. |     | $      |  5,000,000 |     | $           | 2,157,119 |     | $         | 2,842,881 |
| 2022 |     | Flagstar Bank      |     | $      | 10,000,000 |     | $           | 3,060,923 |     | $         | 6,939,077 |

INTEREST EXPENSE ON WAREHOUSE LINES OF CREDIT

Interest expense on warehouse lines of credit were $ 179,886in 2023 and $ 249,794in 2022.

| F-68 |

Beeline Financial Holdings, Inc.

Notes to Consolidated Financial Statements

December 31, 2023 and 2022

NOTE 8 - DEBT

Notes Payable

BDCRI LOAN

On April 29, 2021, Beeline and Beeline Loans entered into a term loan agreement with Business Development Company of Rhode Island (the “BDCRI Loan”) for $ 450,000. The BDCRI Loan matures on April 29, 2026. As of