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Borrowings (Tables) | 3 Months Ended
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Mar. 31, 2016
Debt Disclosure [Abstract] |
Summary of Mortgage Note Payable and Line of Credit | Our borrowings as of March 31, 2016, and December 31, 2015, are summarized below:
|  |  |  |  |  |  |  |  |  |  | As of March 31, 2016 |  |  | As of December 31, 2015 |
Issuer |  | Type of Issuance |  | Date(s) of Issuance |  | Initial Commitment |  |  | Maturity Date(1) |  | Principal Outstanding |  |  | Stated Interest Rate(2) |  |  | Undrawn Commitment |  |  | Principal Outstanding |  |  | Stated Interest Rate(2) |  |  | Undrawn Commitment |
MetLife |  | Mortgage Note Payable |  | 5/9/2014 |  |  | 100,000,000 |  |  | 1/5/2029(3) |  | $ | 87,470,194 |  |  |  | 3.35 | % |  |  | 12,529,806 | (4) |  | $ | 87,470,194 |  |  |  | 3.35 | % |  |  | 12,529,806 | (4)
MetLife |  | Line of Credit |  | 5/9/2014 |  |  | 25,000,000 |  |  | 4/5/2024 |  |  | 2,800,000 |  |  |  | 2.86 | % |  |  | 22,200,000 | (4) |  |  | 100,000 |  |  |  | 2.58 | % |  |  | 24,900,000 | (4)
Farm Credit CFL |  | Mortgage Notes Payable |  | 9/19/2014–11/2/2015 |  |  | 22,185,880 |  |  | 4/4/2031 |  |  | 21,353,725 |  |  |  | 3.42 | %(5) |  |  | — |  |  |  | 21,456,963 |  |  |  | 3.42 | %(5) |  |  | — |
Farmer Mac |  | Bonds Payable |  | 12/11/2014 |  |  | 75,000,000 |  |  | 9/12/2020(6) |  |  | 49,153,000 |  |  |  | 2.93 | % |  |  | 25,847,000 | (7) |  |  | 33,706,000 |  |  |  | 2.87 | % |  |  | 41,294,000 | (7)
Totals: |  |  |  |  |  |  |  |  |  |  |  | $ | 160,776,919 | (8) |  |  |  |  |  | $ | 60,576,806 |  |  | $ | 142,733,157 | (8) |  |  |  |  |  | $ | 78,723,806 |
(1) | Where applicable, represents the weighted-average maturity date.
(2) | Where applicable, represents the weighted-average, blended rate on the respective borrowing facilities as of each March 31, 2016, and December 31, 2015.
(3) | If facility not fully utilized by December 31, 2017, MetLife has the option to be relieved of its obligations to disburse the additional funds under the loan.
(4) | Based on the properties that were pledged as collateral under the MetLife Facility as of each March 31, 2016, and December 31, 2015, approximately $18.7 million and $8.9 million, respectively, of the aggregate undrawn commitment under the facility was available for us to draw.
(5) | Rate is before interest patronage. 2015 interest patronage (as described below) received resulted in a 16.1% reduction to the stated interest rate on such borrowings.
(6) | If facility is 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.
(7) | At each of March 31, 2016, and December 31, 2015, there was no additional availability to draw under this facility, as no additional properties had been pledged as collateral.
(8) | Excludes approximately $1.0 million and $1.1 million as of March 31, 2016, and December 31, 2015, respectively, of deferred financing costs related to mortgage notes and bonds payable included in Mortgage notes and bonds payable, net on the accompanying Condensed Consolidated Balance Sheets .

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