A successful apiary business continues its growth streak with a $650K loan consolidation and cash out.

The Challenge

Having been in the bee business for over 32 years, this borrower started out with 20 beehives and has grown his business to over 6,000 beehives in mid-summer. The apiary provides bees to Florida, California, Maine, and Indiana. Over the years, the company diversified from just pollination services to pollination and honey. And honey now accounts for approximately 25% of their revenue. The borrowers wanted to consolidate existing mortgages and credit lines into a longer-term, lower interest rate solution.

The Solution

AgAmerica reviewed the borrower’s existing obligation and developed a $650,000 loan consolidation package that included a requested cash-out option to substantially reduce the annual debt service. This allowed the apiary to continue its expansion with solid financial footing.