The borrower, a lifelong Florida citrus and agriculture industry entrepreneur, aimed to convert his land from citrus to row crop usage. The 1,860 acres of abandoned citrus grove needed to be laser-leveled, graded, and upgraded to have irrigation and drainage culverts installed before the 2016 planting season.
The farm’s fertile land will produce crops valued in the Florida ag market: corn, corn silage, and grain sorghum silage. The demand for these row crops in Central Florida is directly tied to both the local dairy industry and to feeding out calves for beef. In addition, the borrower plans to expand into an alternative crop – rice – as it will perform well during the Florida rainy season. Ultimately, his crop plantings will be selected using current market conditions to maximize profitability.
With typical ag lenders unable to qualify him for a loan, he turned to AgAmerica Lending to help fund the conversion. The $10.5MM Citrus Grove Conversion Program loan will allow the borrower to refinance his debt, make needed land improvements, and access cash for day-to-day operations.
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