- Everyday People Financial (EPF) has signed two new credit arrangements worth a total of $5.9 million
- The company will use the funds for the proposed acquisition of General Credit Services (GCS) and the purchasing of residential properties
- Everyday People signed one credit agreement for $1.9 million, and its subsidiary signed another for $4 million
- Everyday People is a financial technology and consumer financing company
- Everyday People Financial (EPF) closed down by 1.96 per cent trading at $0.25 per share
Everyday People Financial (EPF) has signed two new credit arrangements worth a total of $5.9 million.
It will use the funds for the proposed acquisition of General Credit Services (GCS) and the purchasing of residential properties.
Specifically, Everyday People will seek out eligible residential locations for its Everyday People Homes Bridge to Homeownership program. The proposed acquisition of GCS is still subject to the signing of a definitive agreement.
Barret Reykdal, CEO of Everyday People, commented,
“We’re ready to grow and scale, and this new capital is an important step towards advancing the proposed acquisition of GCS and furthering our long-term business objectives for [Everyday People’s] Homes Bridge to Homeownership Program.”
For one loan, a subsidiary of Everyday People and GCS signed a commitment letter with ATB Financial to use a non-revolving reducing facility valued at $1.9 million. This loan is to be used to purchase GCS and is payable at a rate of prime plus 2.00 per cent per annum, which can be prepaid at any time.
Regarding the second loan, Everyday People signed a commitment letter with EAM Enterprises to borrow up to $4 million. This loan is designed to support the homeownership program, which allows advances with a 12 per cent yearly interest. Each advance will have a two-year term.
Advances and any outstanding interest may be pre-paid in full or in part at any time prior to the maturity date – two years after the advance – given that Everyday People pays an additional three months of interest on the amount pre-paid.
Everyday People Financial (EPF) closed down by 1.96 per cent trading at $0.25 per share.
