Offerpad unit amends, extends pair of revolving loans

By Wendy Van Sickle

Columbus, Ohio, Dec. 19 – Offerpad (SVPBORROWER1), LLC, a wholly owned subsidiary of Offerpad Solutions Inc., entered into a seventh amended and restated agreement on Dec. 16 that extends the maturity of the revolving senior loan and revolving mezzanine loan to March 31, 2024, according to an 8-K filing with the Securities and Exchange Commission.

Further the available amount under the senior revolver was reduced by $10 million to $75 million, with $50 million committed, and the available amount under the mezzanine loan was increased to $52.5 million, of which $35 million is committed, from $14 million.

LL Private Lending Fund, LP is lender under the revolving senior loan and LL Private Lending Fund II, LP is lender under the revolving mezzanine loan.

Based in Charlotte, N.C., Offerpad is an iBuyer company that buys homes directly from homeowners.

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