When does Dryject's revolving line of credit with Wilmington Savings Fund Society (Bank) 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 WSFS Bank, with interest at 2% over prime, of which $120,141 was outstanding as of December 31, 2024 and $120,141 was outstanding as of December 31, 2023. 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 has a $500,000 revolving line of credit with Wilmington Savings Fund Society (WSFS) Bank. The interest rate is set at 2% over the prime rate. As of December 31, 2024, the outstanding balance on this line of credit was $120,141, which was the same amount outstanding as of December 31, 2023.
Initially, the line of credit operates on a revolving basis for the first three years. However, starting in August 2026, the outstanding balance will be converted into a term loan, requiring monthly payments covering both principal and interest.
Ultimately, the line of credit is scheduled to expire in August 2033. The balance of this 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 its expenses.
Prospective franchisees should note that this debt is held by an affiliated company, DryJect Inc. Acquisition Corporation, and not directly by the franchising entity, Dryject Management, LLC. Understanding the financial relationship between these entities is crucial for assessing the overall financial health of the Dryject franchise system.