Safe Harbor Financial announced on March 4, 2025, that it has successfully negotiated a favorable debt modification with Partner Colorado Credit Union (PCCU). The agreement includes a two-year interest-only period, covering the previously granted months of February and March 2025, and extends the note's due date to October 2030.
This modification is expected to unlock more than $6 million in cash that would have otherwise been allocated to principal amortization over the next two years. The Senior Secured Promissory Note will maintain its 4.25% interest rate throughout the remainder of its term.
CEO Terry Mendez stated that this note modification significantly enhances the company's financial standing and provides tremendous optionality for future growth. The agreement reinforces Safe Harbor's commitment to delivering long-term value to all stakeholders by providing financial flexibility to pursue additional opportunities and expand service offerings.
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