Debt

The Company enters into acquisition, development and construction debt agreements to purchase and develop real estate inventories and for the construction of homes, which are secured primarily by the underlying real estate. Certain of the loans are funded in full at the initial loan closing and others are revolving facilities under which the Company may borrow, repay and redraw up to a specified amount during the term of the loan. Acquisition debts are due at various dates but are generally repaid when lots are released from the loans based upon a specific release price, as defined in each respective loan agreement, or the loans are refinanced at current prevailing rates. The construction and development debt is required to be repaid with proceeds from home closings based upon a specific release price, as defined in each respective loan agreement. Certain of the construction and development debt agreements include provisions that require minimum loan-to-value ratios. During the term of the loan, the lender may require the Company to obtain a third-party written appraisal of the underlying real estate collateral. If the appraised fair value of the collateral securing the loan is below the specified minimum, the Company may be required to make principal payments in order to maintain the required loan-to-value ratios. As of December 31, 2013 and 2012, the lenders have not requested, and the Company has not obtained, any such appraisals. As of December 31, 2013, the Company had approximately $56.4 million of aggregate loan commitments of which approximately $25.4 million was unused. At December 31, 2013 and 2012, the weighted average interest rate on the Company’s outstanding debt was 4.7% and 6.7%, respectively. Interest rates charged under variable rate debt are based on either a prime rate index plus 1.75% or LIBOR plus 3.75% to 4.0%.

Debt consisted of the following (in thousands):



	December 31, 2013		December 31, 2012
Acquisition Debt:
Variable Interest Rate:
Interest rate of 3.94% to 4.5%, payments due through 2013	$	—	$	5,551
Interest rate of 3.94% to 4.19%, payments due through 2014	1,830		—
Interest rate of 3.94%, payments due through 2015	1,591		—
Fixed Interest Rate:
Interest rate of 5%, payments due through 2014	425		425
Interest rate of 5%, payments due through 2015	5,048		—
Interest rate of 6%, payments due through 2014	—		4,136
Interest rate of 6.5%, payments due through 2036	548		558
Interest rate of 10%, payments due through 2014	1,604		1,604
Total acquisition debt	11,046		12,274
Construction and Development Debt:
Variable Interest Rate:
Interest rate of 3.94%, payments due through 2014	1,705		—
Interest rate of 3.94%, payments due through 2015	12,181		—
Interest rate of 5%, payments due through 2015	6,018		—
Fixed Interest Rate:
Interest rate of 6%, payments due through 2014	—		10,838
Interest rate of 10%, payments due through 2014	—		6,000
Total construction and development debt	19,904		16,838
Total debt	$	30,950	$	29,112

The Company's future minimum debt repayments are as follows (in thousands):



Year ending December 31,
2014	$	5,565
2015	24,837
2016 -2018	—
Thereafter	548
Total	$	30,950