Bank of Montreal’s technology and innovation banking group expanded iLOOKABOUT’s credit facility by $4 million in support of its recent acquisition of Apex.

“We are grateful for BMO’s investment and overall support, which allows us to continue to implement our strategy and achieve our vision of being a leader within the real estate technology industry. This also gives us an opportunity to execute on our various growth initiatives both organically and inorganically,” Gary Yeoman, CEO and chair of iLOOKABOUT, said. “We greatly value this collaborative relationship, which will allow ILA to expand our market share within the industry.”

Pursuant to the agreed upon conditions of the term loans, iLOOKABOUT drew $4 million on closing. The term loans consist of two components: term loan A and term loan B.

With respect to term loan A, iLOOKABOUT drew $2 million. iLOOKABOUT shall pay interest only for the first six months of the term, and thereafter interest and principal, which shall amortize over 18 months at a rate each year of 25% per annum of the principal amount by way of equal monthly instalments and a balloon payment for the principal balance due at the maturity date. iLOOKABOUT may, at its discretion, repay the balance of term loan A in whole or in part at any time after 24 months following the closing date without penalty or obligation for future interest payments otherwise payable had term loan A not been repaid. Pricing is set at Prime Rate plus 4% per annum. The maturity date of term loan A is Oct. 11, 2022.

With respect to term loan B, iLOOKABOUT drew $2 million. iLOOKABOUT shall pay interest only for the first 12 months of the term, and thereafter shall pay interest and principal repayments based on amortization over four years. Pricing is set at Prime Rate plus 5% per annum. The maturity date of term loan B is five years from the closing date.

The term loans contain customary financial and restrictive covenants, and are secured by assets of iLOOKABOUT and its subsidiaries, which primarily consists of intellectual property and accounts receivable. iLOOKABOUT will use the proceeds of the facilities for costs associated with the transaction, other strategic initiatives and general corporate and working capital purposes.

iLOOKABOUT is a data analytics organization that provides transparency to the valuation of real estate assets.

Apex provides real property sketching solutions.