When is the Dryject line of credit with WSFS Bank due to expire?
Dryject Franchise · 2025 FDDAnswer from 2025 FDD Document
[Item 8: BUSINESS RELATIONSHIP]
- Note 6 Line of Credit The Company and DryJect Inc. Acquisition Corporation have a $500,000 revolving line of credit with Wilmington Savings Fund Society (Bank), with interest at 2% over prime, of which $120,141 was outstanding as of December 31, 2023 and $134,525 was outstanding as of December 31, 2022. The line of credit, for the first three years will be a revolving line of credit. As of August 2026, the outstanding balance shall be termed out in monthly payments of principal and interest and is due to expire in August 2033. The line of credit balance is reflected on the books of DryJect Inc. Acquisition Corporation since the proceeds are deposited directly into the Corporation and used for their expenses.
Source: Item 8 — BUSINESS RELATIONSHIP (FDD pages 68–229)
What This Means (2025 FDD)
According to Dryject's 2025 Franchise Disclosure Document, Dryject Inc. Acquisition Corporation and the company have a $500,000 revolving line of credit with Wilmington Savings Fund Society (Bank). The interest rate is set at 2% over prime. As of December 31, 2023, the outstanding balance was $120,141, while on December 31, 2022, it was $134,525.
For the first three years, this line of credit will remain revolving. Starting in August 2026, the outstanding balance will be converted into a term loan, payable in monthly installments of principal and interest.
This line of credit is scheduled to expire in August 2033. The balance of the line of credit is recorded on the books of DryJect Inc. Acquisition Corporation because the funds are directly deposited into the Corporation and used for their expenses. This arrangement means that while Dryject Management, LLC benefits from the credit line, the financial responsibility and accounting are handled by DryJect Inc. Acquisition Corporation.