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Secured Line of Credit (Tables)
 9 Months Ended
Sep. 30, 2021
Secured Line Of Credit Facility [Member]  
Summary of Lines of Credit

The following table summarizes the secured LOCs as of September 30, 2021:

 

Secured Line of Credit

 

Outstanding as of September 30, 2021

 

 

Total Commitment

 

 

Commitment Maturity

 

Variable /

Fixed

 

Reset

Frequency

 

Period End

Rate

 

BankUnited general

 

$

6,500,000

 

 

$

40,000,000

 

 

June 2023 (1)

 

Variable (2)

 

Monthly

 

 

3.50

%

Bankers Trust acquisition

 

 

-

 

 

 

50,000,000

 

 

June 2023

 

Variable (3)

 

Monthly

 

 

3.10

%

 

 

$

6,500,000

 

 

$

90,000,000

 

 

 

 

 

 

 

 

 

 

 

 

(1)

The General LOC contains two one-year extensions subject to certain conditions and payment of a 0.25% extension fee. The first extension request by the Partnership will be granted by the Administrative Agent if all such conditions are met. Any subsequent extension requested by the Partnership will be granted or denied in the sole discretion of the lenders.

(2)

The variable rate is equal to LIBOR + 3.25%, subject to a floor of 3.50%.  

(3)

The variable rate is equal to the greater of (i) the Prime Rate or (ii) 3.25% per annum; plus or minus a margin varying from 0.35% to (0.65%) depending upon the ratio of the Partnership’s senior debt to market value of assets.