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Borrowings (Tables) | 6 Months Ended
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Jun. 30, 2015
Debt Disclosure [Abstract] |
Summary of Mortgage Note Payable and Line of Credit | Our borrowings as of June 30, 2015, and December 31, 2014, are summarized below:
|  |  |  |  |  |  |  |  |  |  | As of June 30, 2015 |  |  | As of December 31, 2014 |
Issuer |  | Type of Issuance |  | Date(s) of Issuance |  | Initial Commitment |  |  | Maturity Date(s) |  | Principal Outstanding |  |  | Stated Interest Rate(1) |  |  | Undrawn Commitment |  |  | Principal Outstanding |  |  | Stated Interest Rate(1) |  |  | Undrawn Commitment |
MetLife |  | Mortgage Note Payable |  | 5/9/2014 |  |  | 100,000,000 |  |  | 1/5/2029 (2) |  | $ | 66,331,998 |  |  |  | 3.61 | % |  |  | 33,668,002 | (3) |  |  | 66,331,998 |  |  |  | 3.61 | % |  |  | 33,668,002 | (3)
MetLife |  | Line of Credit |  | 5/9/2014 |  |  | 25,000,000 |  |  | 4/5/2024 |  |  | 2,800,000 |  |  |  | 2.77 | % |  |  | 22,200,000 | (3) |  |  | 4,000,000 |  |  |  | 2.75 | % |  |  | 21,000,000 | (3)
Farm Credit |  | Mortgage Notes Payable |  | 9/19/2014–5/8/2015 |  |  | 18,425,880 |  |  | 5/1/2020–8/1/2034 |  |  | 18,116,168 |  |  |  | 3.38 | % (4) |  |  | — |  |  |  | 12,410,363 |  |  |  | 3.53 | % (4) |  |  | — |
Farmer Mac |  | Bonds Payable |  | 12/11/2014 |  |  | 75,000,000 |  |  | 7/30/2018–1/6/2020 (5) |  |  | 23,213,000 |  |  |  | 2.99 | % |  |  | 51,787,000 | (6) |  |  | 3,675,000 |  |  |  | 3.25 | % |  |  | 71,325,000 | (6)
Totals: |  |  |  |  |  |  |  |  |  |  |  | $ | 110,461,166 |  |  |  |  |  |  | $ | 107,655,002 |  |  | $ | 86,417,361 |  |  |  |  |  |  | $ | 125,993,002 |
(1) | Represents the weighted-average, blended rate on the respective borrowing facilities as of June 30, 2015, and December 31, 2014.
(2) | If facility not fully utilized by December 31, 2016, MetLife has the option to be relieved of its obligations to disburse the additional funds under the loan.
(3) | Based on the properties that were pledged as collateral as of June 30, 2015, and December 31, 2014, approximately $16.5 million and $13.8 million, respectively, of the undrawn commitment was available for us to draw.
(4) | Rate is before interest repatriation. 2014 interest patronage received resulted in a reduction to the stated interest rate of 12.7%.
(5) | If facility not fully utilized by December 11, 2016, Farmer Mac has the option to be relieved of its obligations to purchase additional bonds under the facility.
(6) | At each of June 30, 2015, and December 31, 2014, there was no additional availability to draw under this facility, as no additional properties had been pledged as collateral.

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