American Rebel Holdings, Inc. announced that it has entered into a business Loan and Security Agreement with a new lender, Altbanq Lending LLC for $1,300,000 on March 27, 2024. Under the Secured Loan, the Registrant received the loan net of fees of $26,000. The Secured Loan requires 64 weekly payments of $26,000 each, for a total repayment of $1,664,000. The Secured Loan bears interest at 22.8%. The Secured Loan is secured by all of the assets of the Registrant and its subsidiaries second to a first priority lien secured the holder of the Line of Credit. As long as the Secured Loan is not in default, the Registrant may prepay the Secured Loan pursuant to certain prepayment amounts set forth in the Secured Loan. Further, any default by the Registrant allows the Lender to take necessary actions to secure its collateral and recovery of funds.
The company will pay Origination Fee of $21,000, Legal Fee of $5,000, Returned Payment Fee of $50.00, Late Payment Fee of $50.00, Default Fee of $15,000