Chicago Atlantic Lincoln, LLC, the Chicago Atlantic Real Estate Finance, Inc. REFI, entered an amended and revolving loan and security agreement between Chicago Atlantic Lincoln and two FDIC-insured financial institutions related to upsizing its secured revolving credit facility.
The revolving loan's aggregate commitment was increased from $45.0 million to $65.0 million with a maturity date of December 16, 2023, and a one-year extension option, subject to customary conditions.
The revolving loan has interest at a floating rate, based on Chicago Atlantic Lincoln's leverage ratio, ranging from 0% to 1.25% over the prime rate, subject to a 3.25% prime rate floor. The company expects to use the available borrowing base to fund additional loans and general corporate purposes when it comes to the revolving loan.