Quarterly report pursuant to Section 13 or 15(d)

Borrowings (Tables)

v2.4.1.9
Borrowings (Tables)
 3 Months Ended
Mar. 31, 2015
Debt Disclosure [Abstract]  
Summary of Mortgage Note Payable and Line of Credit

Our borrowings as of March 31, 2015, and December 31, 2014, are summarized below:

 

                  As of March 31, 2015   As of December 31, 2014  

Issuer

 Type of Issuance      Dates of
Issuance		   Initial
Commitment		   Maturity
Date(s)		   Principal
Outstanding		   Stated
Interest
Rate(1) 		  Undrawn
Commitment		   Principal
Outstanding		   Stated
Interest
Rate(1) 		  Undrawn
Commitment		  

    MetLife

 Mortgage Note Payable   5/9/2014      100,000,000      1/5/2029    $ 66,331,998      3.61 %    33,668,002  (2)    66,331,998      3.61 %    33,668,002  (2) 

    MetLife

 Line of Credit   5/9/2014      25,000,000      4/5/2024      11,800,000      2.76 %    13,200,000  (2)    4,000,000      2.75 %    21,000,000  (2) 

Farm Credit

 Mortgage Notes
Payable		  

 

 9/19/2014–

3/10/2015

   

  

   14,888,280     

 

 5/1/2020–

8/1/2034

   

  

   14,681,805      3.48 % (3)    —        12,410,363      3.53 % (3)    —     

Farmer Mac

 Bonds Payable   12/11/2014      75,000,000     

 

 12/11/2019–

1/6/2020

   

 (4) 

   13,853,000      3.25 %    61,147,000  (5)    3,675,000      3.25 %    71,325,000  (5) 
           

 

 

      

 

 

    

 

 

      

 

 

  
  Totals:    $ 106,666,803    $ 108,015,002    $ 86,417,361    $ 125,993,002   
           

 

 

      

 

 

    

 

 

      

 

 

  

 

(1) Represents the weighted-average, blended rate on the respective borrowing facilities as of each March 31, 2015, and December 31, 2014.
(2) Based on the properties that were pledged as collateral as of March 31, 2015, and December 31, 2014, approximately $7.5 million and $ 13.8 million, respectively, of the undrawn commitment was available for us to draw.
(3) Rate is before interest repatriation. 2014 interest patronage received resulted in a reduction to our effective interest rate of 12.7%.
(4) If facility not fully utilized by December 11, 2016, Farmer Mac has the option to be relieved of its obligations to purchase additional bonds under the facility.
(5) At each March 31, 2015, and December 31, 2014, there was no additional availability to draw under this facility, as no additional properties had been pledged as collateral.
Principal Payments of Aggregate Borrowings

Scheduled principal payments of our aggregate borrowings as of March 31, 2015, for the remainder of 2015 and each of the five succeeding fiscal years and thereafter are as follows:

 

          Scheduled  

Period

         Principal Payments  

For the remaining nine months ending December 31,

    2015    $ 522,443   

For the fiscal years ending December 31:

    2016      2,947,300   
   2017      2,866,043   
   2018      2,787,631   
   2019      6,386,962   
   2020      15,191,622   
   Thereafter      75,964,802   
     

 

 

  
$ 106,666,803