Revolving Credit Facilities

6 Months Ended

Jun. 30, 2019

Revolving Credit Facilities [Abstract]

Revolving Credit Facilities

Revolving Credit Facilities

To finance certain of its loans held-for-investment, the Company has entered into a revolving credit facility collateralized by a borrowing base of loans. The facility provides intermediate-term bridge or transitional financing for typically around 90 days per loan and matures on April 13, 2020, unless extended pursuant to its terms. As of December 31, 2018, the Company had outstanding borrowings under the revolving credit facility of $75.0 million with a weighted average borrowing rate of 5.2%. There were no amounts outstanding under the revolving credit facility as of June 30, 2019.

As of December 31, 2018, loans held-for-investment with a carrying value of $127.9 million were considered the borrowing base collateral for the Company’s future payment obligations under its revolving credit facility. No loans held-for-investment were designated as collateral for the revolving credit facility as of June 30, 2019. The Company does not anticipate any defaults by its revolving credit facility counterparty, although there can be no assurance that one or more defaults will not occur.