BRIGHTLANE CORP. (OTCMKTS:BTLN) Files An 8-K Entry into a Material Definitive AgreementItem 1.01 Entry into a Material Definitive Agreement
On May 19, 2017, Brightlane – CLOC Acquisitions, L.L.C., a Delaware limited liability company and a wholly owned subsidiary of the registrant entered into a $5,000,000 revolving credit facility with Colony American Finance Lender, LLC, a Delaware limited liability company.
Brightlane – CLOC Acquisitions, L.L.C. intends to purchase in excess of 100 single-family homes in Texas, Georgia, South Carolina, North Carolina, and Florida utilizing this credit facility within the next six to nine months.
Item 9.01 Financial Statements and Exhibits
Exhibit 10.1 – Loan Agreement by and between Brightlane – CLOC Acquisitions, LLC and Colony American Finance Lender, LLC dated May 17, 2017, executed May 19, 2017 (to be filed by amendment)
Exhibit 10.2 – Secured Promissory Note dated May 17, 2017, executed May 19, 2017 (to be filed by amendment)
Exhibit 10.3 – Guaranty – Stephen C. Helms dated May 17, 2017, effective May 19, 2017 (to be filed by amendment)
Exhibit 99 – press release dated May 18, 2017
About BRIGHTLANE CORP. (OTCMKTS:BTLN)
Brightlane Corp., formerly Bonanza Gold Corp., is focused on the acquisition, renovation, leasing and managing of single-family homes throughout the United States utilizing a lease-to-own structure. The Company intends to provide technological and green energy features in its homes that are not usually associated with single-family homes. The Company’s subsidiary is Brightlane Homes, Inc. Brightlane # 1 LLC is a subsidiary of Brightlane Homes, Inc., and owns interest in the Brightlane RECA LP. The Brightlane RECA portfolio consists of approximately 350 income-producing owner-financed and purchase money notes related to over 350 single-family homes. The underlying homes are geographically dispersed across the Great Lakes, Upper Midwest, Ohio Valley, Midwest and Southeast regions of the United States and are held in a statutory trust known as Brightlane RECA Trust. The Company has not generated any revenues. BRIGHTLANE CORP. (OTCMKTS:BTLN) Recent Trading Information
BRIGHTLANE CORP. (OTCMKTS:BTLN) closed its last trading session up +0.25 at 3.50 with shares trading hands.