Debt

12 Months Ended

Dec. 31, 2020

Warehouse Credit Facilities—To provide capital for the mortgage loans that it originates, Redfin Mortgage, our wholly owned mortgage origination subsidiary, utilizes warehouse credit facilities that are classified as current liabilities in our consolidated balance sheets. Borrowings under each warehouse credit facility are secured by the related mortgage loan, and rights and income related to the loans. The following table summarizes borrowings under these facilities as of the periods presented:


	December 31, 2020						December 31, 2019
Lender	Borrowing Capacity		Outstanding Borrowings		Weighted Average Interest Rate on Outstanding Borrowings		Borrowing Capacity		Outstanding Borrowings		Weighted Average Interest Rate on Outstanding Borrowings
Western Alliance Bank	$	50,000	$	18,277	3.25	%	$	24,500	$	8,489	3.79	%
Texas Capital Bank, N.A.	40,000		12,903		3.35	%	24,500		10,210		3.51	%
Flagstar Bank, FSB	15,000		7,849		3.00	%	$	15,000	$	2,603	3.69	%
Total	$	105,000	$	39,029	—	%	$	64,000	$	21,302	—	%

Borrowings under the facility with Western Alliance Bank mature on June 15, 2021 and generally bear interest at a rate equal to the greater of (i) one-month LIBOR plus 2.00% or (ii) 3.25%. Redfin Corporation has agreed to make capital contributions in an amount as necessary for Redfin Mortgage to satisfy its adjusted tangible net worth financial covenant under the agreement, but it was not obligated to make any such capital contributions as of December 31, 2020.

Borrowings under the facility with Texas Capital Bank, N.A. mature on July 14, 2021 and generally bear interest at a rate equal to the greater of (i) the rate of interest accruing on the outstanding principal balance of the loan minus 0.25% or (ii) 3.35%. Redfin Corporation has guaranteed Redfin Mortgage’s obligations under the agreement.

Borrowings under the facility with Flagstar Bank, FSB ("Flagstar") generally bear interest at a rate equal to the greater of (i) one-month LIBOR plus 2.00% or (ii) 3.00%. This facility does not have a stated maturity date, but Flagstar may terminate the facility upon 30 days prior notice. Redfin Mortgage would be required to pay all amounts owed to Flagstar upon the facility's termination.

Secured Revolving Credit Facility—To provide capital for the homes that it purchases, RedfinNow has, through a special purpose entity called RedfinNow Borrower, entered into a secured revolving credit facility with Goldman Sachs Bank, N.A. ("Goldman Sachs"). Borrowings under the facility are secured by RedfinNow Borrower's assets, including the financed homes, as well as the equity interests in RedfinNow Borrower. The following table summarizes borrowings under this facility as of the period presented:


	December 31, 2020						December 31, 2019
Lender	Borrowing Capacity		Outstanding Borrowings		Weighted Average Interest Rate on Outstanding Borrowings		Borrowing Capacity		Outstanding Borrowings		Weighted Average Interest Rate on Outstanding Borrowings
Goldman Sachs Bank USA	$	100,000	$	23,949	4.40	%	$	100,000	$	4,444	4.45	%

The facility matures on January 26, 2021, but we may extend the maturity date for an additional six months to repay outstanding borrowings. Goldman Sachs may, at its sole option, finance a portion of RedfinNow Borrower's acquisition costs of qualified homes that have been purchased. The portion financed is based, in part, on how long the qualifying home has been owned by a Redfin entity. Borrowings under the facility prior to March 24, 2020 generally bore interest at a rate of one-month LIBOR (subject to a floor of 0.50%) plus 2.65%. For borrowings under the facility on and after March 24, 2020, each new borrowing generally bears interest at a rate of one-month LIBOR (subject to a floor of 0.50%) plus an additional rate agreed upon between RedfinNow Borrower and Goldman Sachs. See Note 16 for developments subsequent to December 31, 2020 with respect to this facility.

RedfinNow Borrower must repay all borrowings and accrued interest upon the termination of the facility, and it has the option to repay the borrowings, and the related interest, with respect to a specific financed home upon the sale of such home. In certain situations involving a financed home remaining unsold after a certain time period or becoming ineligible for financing under the facility, RedfinNow Borrower may be obligated to repay all or a portion of the borrowings, and related interest, with respect to such home prior to the sale of such home. In instances involving "bad acts," Redfin Corporation has guaranteed repayment of amounts owed under the facility, in some situations, and indemnification of certain expenses incurred, in other situations.

As of December 31, 2020 and 2019, RedfinNow Borrower had $65,191 and $16,200 of total assets, respectively, of which $47,620 and $7,456 related to inventory and $11,818 and $5,663 in cash and cash equivalents, respectively.

For the years ended December 31, 2020 and 2019 we amortized $619 and $256 of the debt issuance costs and recognized $643 and $17 of interest expense, respectively.