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Offerpad exercises accordion features on credit facilities
Chicago, Nov. 24 – Offerpad SPE Borrower A, LLC, a wholly owned indirect subsidiary of Offerpad Solutions Inc., announced that it has exercised the accordion features on loans entered into in September, according to an 8-K filed with the Securities and Exchange Commission.
As previously reported, the company had a $100 million accordion on a $300 million two-year facility with J.P. Morgan Chase Bank, NA as administrative agent.
There was also a mezzanine facility of $37.5 million, with an accordion feature providing for additional capacity of $12.5 million.
The lender on the mezzanine facility is LL Private Funding Lending II, LP.
Based in Charlotte, N.C., Offerpad is an iBuyer company that buys homes directly from homeowners.
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