Jernigan Capital, Inc. announced that on December 28, 2018, it entered into an amended and restated senior secured revolving credit facility of up to $235 million with a syndicate of banks led by KeyBank National Association, Raymond James Bank, N.A., and BMO Harris Bank N.A. The $235 million credit facility, which has an accordion feature permitting expansion up to $400 million, subject to certain conditions including obtaining additional commitments from lenders, has a three-year term that expires December 28, 2021 and two one-year extension options to extend the maturity of the facility to December 28, 2023. The amended credit facility more than doubles the Company’s access to committed credit, from $100 million to $235 million, increases the accordion from $100 million to $165 million (subject to syndication) and extends the maturity (assuming extension options are exercised) by approximately 3 ½ years from July 24, 2020 to December 28, 2023. Borrowings under the credit facility are secured by three separate pools of collateral: one consisting of the Company’s mortgage loans extended to developers of self-storage properties, one consisting of non-stabilized self-storage properties wholly-owned by the company, and the last consisting of stabilized self-storage properties wholly-owned by the Company. Advances under the credit agreement bear interest at rates between 225 and 325 basis points over 30-day LIBOR. These spreads are 50 basis points lower than the spreads under the previous credit facility, which were 275 and 375 basis points, respectively. As of the time of closing, the company had borrowing capacity of approximately $91.3 million under the credit facility, of which none was drawn.