IMH Financial secures interim access to $1.9 million of DIP financing

By Caroline Salls

Pittsburgh, July 27 – IMH Financial Corp. received court approval to access $1.9 million of a proposed $10.15 million in debtor-in-possession financing from JPMorgan Chase Funding Inc. on an interim basis, according to an order filed Friday with the U.S. Bankruptcy Court for the District of Delaware.

The final hearing is scheduled for Aug. 13.

The financing will be used to fund IMH’s operations while in Chapter 11.

The DIP facility will mature on Nov. 20.

Interest will accrue at Libor plus an applicable margin that has not yet been determined.

IMH is a private real estate lending and investment company based in Scottsdale, Ariz. The company filed bankruptcy on July 23 under Chapter 11 case number 20-11858.

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