Unsecured Revolving Credit Facility and Other Notes Payable

Notes payable consisted of the following:



	March 31,		December 31,
	2016		2015
	(Dollars in thousands)
Senior unsecured revolving credit facility	$	189,924	$	74,924
Note payable with land seller	4,000		6,000
Construction loans	810		2,158
	$	194,734	$	83,082

The Company has a senior unsecured revolving credit facility (the “Credit Facility”) with a bank group. As of March 31, 2016, the total commitment under the Credit Facility was $200 million, of which $189.9 million was outstanding and $10.1 million was available. The maturity date under the Credit Facility is April 30, 2018 and has the potential for a one-year extension, subject to specified conditions and the payment of an extension fee. The Company may repay advances under the Credit Facility at any time without premium or penalty. Interest is payable monthly and is charged at a rate of 1-month LIBOR plus a margin ranging from 2.25% to 3.00% depending on the Company’s leverage ratio as calculated at the end of each fiscal quarter. The Company may incur costs associated with unused commitment fees pursuant to the terms of the Credit Facility. No such costs were accrued and payable as of March 31, 2016 and 2015. As of March 31, 2016, the interest rate under the Credit Facility was 3.19%. Pursuant to the Credit Facility, the Company is required to maintain certain financial covenants as defined in the Credit Facility, including (i) a minimum tangible net worth; (ii) leverage ratios; (iii) a minimum liquidity covenant; and (iv) a minimum fixed charge coverage ratio based on EBITDA to interest incurred. As of March 31, 2016, the Company was in compliance with all financial covenants.

In 2012, the Company entered into a $9.5 million term loan with a land seller, secured by real estate, which bears interest at 7.0% per annum. During 2015, we made principal payments of $3.5 million. During February 2016, we made a principal payment of $2.0 million and extended the maturity date of the note. The note matures on the earlier of (i) 10 days following entitlement approval, or (ii) December 15, 2016. Interest is payable monthly and the remaining principal is due at maturity.

In May 2014, the Company entered into two construction loans with a bank related to model and production homes for a project. The loans are secured by the real estate related to the project and bear interest at the bank's prime rate plus 2.0%, or 5.50% at March 31, 2016. The total commitment under the construction loans is $0.8 million. As of March 31, 2016, the remaining loan balance is related to one home in backlog and is expected to close during the 2016 second quarter, at which time the remaining balance of the construction loans is expected to be paid in full and the commitments closed.