Business
Everyday People Announces C$15,000,000 Revolving Line of Credit
Edmonton, Alberta--(Newsfile Corp. - November 2, 2022) - Everyday People Financial Corp. ( TSX...
About this update from Everyday People Financial Inc
[{"type":"text","content":"Everyday People Announces C$15,000,000 Revolving Line of CreditEdmonton, Alberta--(Newsfile Corp. - November 2, 2022) - Everyday People Financial Corp. (TSXV: EPF) (\"Everyday People\" or the \"Company\"), a financial technology and consumer financing company, is pleased to announce that, on November 1, 2022, the Company, through EP Homes II Inc. (\"EP Homes II\"), a subsidiary of Everyday People Homes Inc. (\"EP Homes\") (itself a subsidiary of the Company), entered into a new credit arrangement with KV Capital Inc. related to a C$15,000,000 revolving line of credit (the \"Facility\").\"This Facility will support the Company's ability to execute on its EP Homes plan, providing everyday people with the opportunity for homeownership,\" said Barret Reykdal, Chief Executive Officer of Everyday People. \"This new capital allows us to build out our portfolio of pre-built homes in Edmonton and Calgary, which we'll then be able to offer our customers through our EP Homes Bridge to Homeownership Program, a lease-to-own option where payments have both a lease and savings component. We're confident this unique, scalable solution helps our customers achieve homeownership while also building a sustainable source of revenue for the Company.\"The term of the Facility is for 24 months and, at the end of the term, the Facility shall automatically renew for a period of 24 months, continuing to auto-renew for 24 month periods mid-term at 12 month intervals. The Facility's interest rate is set to the greater of 8.45% or TD Canada Trust's non-mortgage prime lending rate plus 3% but not exceeding 10.45%. The Facility is secured by a general security agreement, which provides KV Capital Inc. first-priority security against the EP Homes II inventory, a personal guarantee of $2.5 million from Gordon Reykdal and another $2.5 million from Carrie Reykdal. The Facility agreement contains certain financial covenants that will be measured prior to release of the funds against each home. The Facility and each advance thereunder is subject to the satisfaction of a number of conditions precedent.About Everyday People Financial Corp.Everyday People is a financial technology and consumer financing company founded on the belief that everyone deserves access to credit, instant payments, and the opportunity for homeownership. Through our technology driven ecosystem,...