Redwood Mortgage IX extends $10M credit line to 2026, shifts rate to Term SOFR+3.5%

Redwood Mortgage Investors IX

Maturity extended to March 13, 2026; optional 2-year term loan conversion to March 2028 for 0.25% fee on outstanding balance.
Interest rate benchmark switched from 30-day Ameribor to 1-month Term SOFR plus 3.5%, floor of 6%.
Maximum line of credit $10M, secured by first-priority lien on pledged loan notes and deeds of trust.
Borrower paid $50,000 origination fee; modification effective March 13, 2024.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Redwood Mortgage Investors IX amended 2024 modification agreement with Western Alliance Bank valued at $10 million (effective 2024-03-13).

Action: amendment
Agreement: credit facility
Counterparty: Western Alliance Bank
Value: $10 million
Effective: 2024-03-13

Exact text from the filing

Effective March 13, 2024, Redwood Mortgage Investors IX, LLC (“RMI IX” or “the company”) and Western Alliance Bank (“WAB”) entered into an extension and modification agreement (the “2024 modification agreement”) which amended the Business Loan Agreement, dated as of March 13, 2020, between RMI IX and WAB

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Source: SEC EDGAR

accession 0001193125-24-097879

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