AFC Gamma Enters Into $60M Senior Secured Revolving Credit Facility With Commitments From Two FDIC-Insured Banks

AFC Gamma, Inc. AFCG has entered into a senior secured revolving credit facility with $60 million of current commitments from two FDIC-insured banks and the ability to increase the facility to $100 million. The two banks have over $70 billion of assets in the aggregate. AFC Gamma intends to use the available capital from the credit facility to fund unfunded commitments under loans to its existing borrowers, to originate and participate in commercial loans to cannabis operators that are consistent with its investment strategy, and for working capital and other general corporate purposes.

The credit facility has a maturity date of April 29, 2025 and will bear interest at a floating rate of prime + 0.50%, subject to a prime floor of 4.00%. Upon closing the credit facility, AFC Gamma terminated its prior $75 million revolver that was provided by AFC Finance, LLC, an affiliate of Leonard Tannenbaum, AFC Gamma’s CEO.

“We are excited to have entered into our $60 million senior secured revolving credit facility led by two FDIC-insured banks with over $70 billion in assets. We are pleased to have begun our relationship with these two banks and look forward to receiving additional commitments under the credit facility over time,” stated Brett Kaufman, AFC Gamma’s CFO.

Photo: Courtesy of Mackenzie Marco on Unsplash

Related News

Posted In: AFC FinanceBrett KaufmanLeonard TannenbaumLLCCannabisNewsSmall CapMarkets

Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.

All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.

Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.

Rate collection and criteria: Click here for more information on rate collection and criteria.