8. DEBT

Information on our debt is as follows:

	June 30, 2014			December 31, 2013

	(in thousands)
Mortgage loan with a fixed interest rate of 7.66% per annum, with monthly payments of principal and interest. The loan has a 20-year amortization schedule with a $25,324,000 balance due on December 1, 2015. The loan is nonrecourse.	$	27,537		$	28,262
Mortgage loan with a fixed interest rate of 4.50% per annum, with monthly payments of interest only for 10 years, and payments of interest and principal starting in February 2022. The loan has a $42,008,000 balance due on January 5, 2027. The loan is nonrecourse.		46,000			46,000
Mortgage loan with a fixed interest rate of 5.56% per annum, with monthly payments of principal and interest. The loan has a 10-year amortization schedule with a $12,288,000 balance due on July 1, 2015. The loan is nonrecourse.		12,590			12,737
Mortgage loan with a fixed interest rate of 6.65% per annum, with monthly payments of principal and interest. The loan has a 25-year amortization schedule with a $21,136,000 balance due on July 15, 2018. The loan is nonrecourse.		33,432			34,755
Mortgage loan with a fixed interest rate of 5.06% per annum, with monthly payments of principal and interest, and a balance of $33,068,000 due on September 1, 2015. The loan is nonrecourse.		34,161			34,583
Mortgage loans with a fixed interest rate of 5.39% per annum, with monthly payments of principal and interest, and a balance of $35,695,000 due on March 1, 2021. The loans are nonrecourse.		40,850			41,170
Mortgage loan with a fixed interest rate of 5.18% per annum, with monthly payments of principal and interest, and a balance of $26,232,000 due on June 5, 2021. The loan is nonrecourse.		30,555			30,812


		225,125			228,319
Premiums and discounts on assumed mortgages		2,373			2,786


Total Mortgages Payable		227,498			231,105


Secured borrowing principal on loans sold for a premium and excess spread—variable rate, reset quarterly, based on prime rate with weighted average coupon rate of 3.99%		32,057			—
Secured borrowing principal on loans sold for excess spread, variable rate, reset quarterly, based on prime rate with weighted average coupon rate of 1.58%		5,153			—


		37,210			—
Premiums on loans sold for a premium and excess spread		3,024			—


Total Secured borrowings—government guaranteed loans		40,234			—


Junior subordinated notes with a variable interest rate which resets quarterly based on the 90-day LIBOR plus 3.25%, with quarterly interest payments due. Balance due at maturity on March 30, 2035.		27,070			—
Term note with a fixed interest rate of 2.74%, principal and interest due at maturity on September 10, 2014.		20,000			—
Unsecured revolving line of credit with variable interest rate of prime less 50 basis points, with monthly interest payments due. Matures June 30, 2015.		700			—
Unsecured revolving lines of credit		288,000			164,000


		335,770			164,000
Discount on junior subordinated notes		(2,199	)		—


Total Other		333,571			164,000


Total Debt	$	601,303		$	395,105

The mortgages payable are secured by deeds of trust on certain of the properties and assignments of rents.

Secured borrowings represent sold SBA 7(a) Program loans which are treated as secured borrowings since the loan sales did not meet the derecognition criteria provided for in ASC 860-30, Transfers and Servicing. Principal payments are dependent upon cash flows received from the underlying loans. No payment is due unless payments are received from the borrowers on the underlying loans.

CIM Commercial's $20,000,000 term note and $25,000,000 unsecured revolving line of credit have covenants including a covenant requiring an asset coverage test (eligible loans receivable) for balances outstanding under its revolving credit facility of 3.00 times. To the extent the term note is repaid, credit availability under the revolving credit facility will increase to $40,000,000. As of June 30, 2014, $24,300,000 was available for future borrowing.

In February 2012, CIM Urban entered into an unsecured revolving line of credit with a bank syndicate, which allows for maximum borrowings of $100,000,000. Borrowings under the line of credit are limited by certain borrowing base calculations. Outstanding advances under the line of credit bore interest at the base rate, as defined, plus 0.75% to 1.50% or LIBOR plus 1.75% to 2.50%, depending on the maximum consolidated leverage ratio, as defined, until August 2013. In August 2013, the unsecured revolving line was amended, and outstanding advances under the line bear interest at the base rate, as defined, plus 0.25% to 0.85% or LIBOR plus 1.25% to 1.85%, depending on the maximum consolidated leverage ratio, as defined. The line of credit is also subject to an unused commitment fee of 0.25% or 0.35% depending on the amount of aggregate unused commitments. The line of credit matures in February 2016, with a one-year extension option under certain conditions. As of both June 30, 2014, and December 31, 2013, $100,000,000 was outstanding under the line of credit, and $0, was available for future borrowings.

In August 2013, CIM Urban entered into another unsecured revolving credit facility with a syndicate of banks. The credit facility provides an additional $125,000,000 of borrowing capacity that was increased to $150,000,000. CIM Urban amended the facility in April 2014 to further increase the maximum aggregate borrowing capacity under the revolving credit facility to $200,000,000. Borrowings under the revolving credit facility are limited by certain borrowing base calculations. Outstanding advances under the revolving credit facility bear interest at the base rate, as defined, plus 0.25% to 0.85% or LIBOR plus 1.25% to 1.85%, depending on the maximum consolidated leverage ratio, as defined. The revolving credit facility is also subject to an unused commitment fee of 0.25% or 0.35% depending on the amount of aggregate unused commitments. The revolving credit facility originally matured in February 2014, and was recently extended to October 10, 2014. As of June 30, 2014, and December 31, 2013, $188,000,000 and $64,000,000, respectively, was outstanding under the revolving credit facility, and $12,000,000 and $61,000,000, respectively, was available for future borrowings.

At June 30, 2014 and December 31, 2013, CIM Commercial and CIM Urban were either in compliance with all of their respective financial covenants or had obtained waivers from the relevant lenders with respect to such compliance.

We are currently in negotiations with two banks, as joint lead arrangers, to finalize an unsecured term loan and a revolving credit facility of $550,000,000, with an accordion feature which would increase the maximum aggregate facilities to $850,000,000. We intend to use the proceeds of these new facilities to repay all of our outstanding term and revolving credit facilities. We expect to close the new term loan and revolving credit facilities by the end of the third quarter of 2014. However, there can be no assurance that our negotiation of the new term and revolving credit facilities will be successful or that the closing of these new facilities will occur in the time frame described above. In addition, if the new term and revolving credit facilities fail to close for any reason or closing is delayed substantially beyond the time frame described above, there can be no assurances we will be able to successfully negotiate an extension of our existing credit facilities or any increased maximum availability. However, we believe other financing sources would be available to us.

At June 30, 2014, and December 31, 2013, accrued interest and unused commitment fee payable of $1,155,000 and $1,017,000, respectively, is included in accounts payable and accrued expenses.

Future principal payments on our debt (face value) at June 30, 2014 are as follows:

Years Ending December 31,	Secured Borrowings Principal(1)		Mortgages Payable		All Other Principal(2)		Total

	(in thousands)
2014 (Six months ending December 31, 2014)	$	575	$	3,278	$	208,000	$	211,853
2015		1,180		77,055		700		78,935
2016		1,220		4,354		100,000		105,574
2017		1,263		4,642		—		5,905
2018		1,309		24,300		—		25,609
Thereafter		31,663		111,496		27,070		170,229


	$	37,210	$	225,125	$	335,770	$	598,105

(1): Principal payments are generally dependent upon cash flows received from the underlying loans. Our estimate of their repayment is based on scheduled principal payments on the underlying loans. Our estimate will differ from actual amounts to the extent we experience prepayments and/or loan liquidations or charge-offs. No payment is due unless payments are received from the borrowers on the underlying loans.
(2): Represents the revolving credit facility, term note, junior subordinated notes, and unsecured revolving lines of credit.