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Subsequent Events
 6 Months Ended
Jun. 30, 2019
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
No events have occurred subsequent to June 30, 2019, that would require recognition or disclosure in the Company’s financial statements except the following:

Acquisition of Remaining Interest in Polygon Mortgage, LLC

During the third quarter of 2019, the Company entered into an agreement with its joint venture partner in Polygon Mortgage, LLC to acquire the joint venture partners' remaining 50% interest in the venture. The Company will account for the transaction as a business combination in accordance with ASC 805, and the operations of Polygon Mortgage, LLC will be consolidated as a wholly owned subsidiary of ClosingMark Financial Group beginning on the date of the transaction.

Issuance of 6.625% Senior Notes due 2027 and Notice of Redemption of 2022 Notes

On July 9, 2019, California Lyon, completed the sale to certain purchasers (the “Offering”) of $300.0 million in aggregate principal amount of 6.625% Senior Notes due 2027 (the “Notes”), in a private placement to “qualified institutional buyers” as defined in Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and outside the United States in reliance on Regulation S under the Securities Act. The Notes were issued pursuant to an indenture, dated as of July 9, 2019 (the “2027 Notes Indenture”), by and among California Lyon, Parent, the subsidiary guarantors party thereto (together with Parent, the “Guarantors”) and U.S. Bank National Association, as trustee. Parent, through California Lyon, will use the net proceeds from the Offering, as well as cash on hand, to redeem $300.0 million in aggregate principal amount of California Lyon’s outstanding $350.0 million of 7.00% Notes.

Pursuant to the 2027 Notes Indenture, interest on the Notes will be paid semi-annually on January 15 and July 15, commencing January 15, 2020. The Notes will mature on July 15, 2027. The Notes and the guarantees are California Lyon’s and the Guarantors’ senior unsecured obligations. The Notes and the guarantees rank equally in right of payment with all of California Lyon’s and the Guarantors’ existing and future unsecured senior debt, and senior in right of payment to all of California Lyon’s and the Guarantors’ existing and future subordinated debt. The Notes and the guarantees will be effectively subordinated to any of California Lyon’s and the Guarantors’ existing and future secured debt.

On July 9, 2019, California Lyon issued an irrevocable notice of redemption (the “Notice”) with respect to the 7.00% Notes. Pursuant to the Notice, California Lyon gave holders of the 7.00% Notes notice that it will redeem $300.0 million in aggregate principal amount of the outstanding 7.00% Notes on August 15, 2019 (the “Redemption Date”). The 7.00% Notes have an outstanding principal balance of $350.0 million. The $300.0 million in aggregate principal amount of the outstanding 7.00% Notes being called for redemption will be redeemed pursuant to the redemption provisions of the indenture, dated August 11, 2014, pursuant to which the 7.00% Notes were issued. The redemption price will be equal to 100.000% of the principal amount of the 7.00% Notes being called for redemption, plus accrued and unpaid interest, if any, to, but not including, the Redemption Date.

Amendment of Revolving Credit Facility

On July 18, 2019, the Company entered into Amendment No. 2 (the “Second Amendment”) to its Revolving credit facility which, among other things, extended the maturity date of the revolving credit facility under the Credit Agreement from May 21, 2021 to May 21, 2022.

Acquisition of Pipeline of William Lyon Mortgage, LLC

On August 1, 2019, the Company acquired the pipeline of pending mortgages in process, with certain exceptions, by one of its mortgage joint ventures, William Lyon Mortgage, LLC. The Company intends to complete these loan transactions in ClosingMark Home Loans, and the Company and its joint venture partner have agreed to an orderly wind down and dissolution of the venture after all remaining existing operations are completed.