Company: BLNE
Filing Date: 2025-01-03
Form Type: S-1/A
Source: 0001493152-25-000284
Chunk: 240

Company: Beeline Holdings, Inc.
Filing Date: 2025-01-03
Form: S-1/A
Chunk 240
---
 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 has fluctuated and First Funding permits both non-QM and conventional loans.

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 September 30, 2024 and December 31, 2023, the balance due is $ 294,467and $ 291,846, respectively, net of discounts of $ 5,533and $ 8,154, respectively. Principal payments of $ 9,375began in April of 2022. In October 2023, Beeline began making interest-only payments in the near term until market conditions