| Debt Outstanding |
| | |
| |
| |
Amount Outstanding at | |
| | |
| |
| |
December 31, | | |
December 31, | |
| | |
| |
| |
2013 | | |
2012 | |
| | |
| |
| |
(In thousands) | |
| Description | |
Interest Rate | |
Maturity | |
| | |
| |
| | |
| |
| |
| | |
| |
| Warehouse lines of credit | |
5.73% over one month Libor (Minimum 6.73%) | |
March 2017 | |
$ | 9,452 | | |
$ | 4,358 | |
| | |
| |
| |
| | | |
| | |
| | |
6.00% over one month Libor (Minimum 6.75%) | |
June 2016 | |
| – | | |
| 17,373 | |
| | |
| |
| |
| | | |
| | |
| Residual interest financing | |
12.875% over one month Libor | |
September 2013 | |
| – | | |
| 13,773 | |
| | |
| |
| |
| | | |
| | |
| | |
11.75% over one month Libor | |
April 2018 | |
| 19,096 | | |
| – | |
| | |
| |
| |
| | | |
| | |
| Debt secured by receivables measured at fair value | |
n/a | |
Repayment is based on payments from underlying receivables. Final payment of the 8.00% loan was made in September 2013, with residual payments extending through 2016 | |
| 13,117 | | |
| 57,107 | |
| | |
| |
| |
| | | |
| | |
| Senior secured debt, related party | |
13.0% and 16.0% at December 31, 2013 and 2012, respectively | |
June 2014 | |
| 37,128 | | |
| 50,135 | |
| | |
| |
| |
| | | |
| | |
| | |
5.00% | |
June 2014 | |
| 1,431 | | |
| – | |
| | |
| |
| |
| | | |
| | |
| Subordinated renewable notes | |
Weighted average rate of 12.5% and 14.4% at December 31, 2013 and 2012, respectively | |
Weighted average maturity of July 2015 and June 2015 at December 31, 2013 and 2012, respectively | |
| 19,142 | | |
| 23,281 | |
| | |
| |
| |
$ | 99,366 | | |
$ | 166,027 | |
|
| Contractual and expected maturity amounts of debt |
| Contractual
maturity date | |
Residual
interest
financing
(1) | | |
Senior
secured
debt
(2) | | |
Subordinated
renewable
notes | | |
Total | |
| | |
(In thousands) | |
| 2014 | |
$ | 6,333 | | |
$ | 38,559 | | |
$ | 11,400 | | |
$ | 56,292 | |
| 2015 | |
| 3,202 | | |
| – | | |
| 2,480 | | |
| 5,682 | |
| 2016 | |
| 1,159 | | |
| – | | |
| 3,267 | | |
| 4,426 | |
| 2017 | |
| 4,300 | | |
| – | | |
| 212 | | |
| 4,512 | |
| 2018 | |
| 4,102 | | |
| – | | |
| 565 | | |
| 4,667 | |
| Thereafter | |
| – | | |
| – | | |
| 1,218 | | |
| 1,218 | |
| Total | |
$ | 19,096 | | |
$ | 38,559 | | |
$ | 19,142 | | |
$ | 76,797 | |
|