Company: BLNE
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001493152-25-023462
Chunk: 32

Company: Beeline Holdings, Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 32
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(Unaudited)

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 further subsequently been renewed with the latest renewal in October 2025, see Note 20 – Subsequent Events. 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 September 30, 2025, the warehouse line of credit and
accrued interest outstanding balance was $8.4
million. The lender allowed the draws to exceed the $5.0
million line of credit. Interest expense on the warehouse line of credit was $0.2
million for the nine months ended September 30, 2025.

In
October 2025, the Company expanded its warehouse lines to $25.0 million tripling its prior $5.0 million line to $15.0 million and adding
two new $5.0 million lines with new lenders, see Note 20 – Subsequent Events.

11.
NOTES PAYABLE

Notes
payable consisted of the following:

 SCHEDULE OF NOTES PAYABLE

    (Dollars
    in thousands) 
    September
    30, 2025  
    December
    31, 2024 
  
    Note
    payable - 2023 
    $           -  
    $     500 
  
    Term
    loan agreement 
     -  
     275