Having been in the bee business for over 32 years, this borrower started out with 20 bee hives and has grown his business to over 6,000 bee hives 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. This $650,000 loan consolidation along with a requested cash out substantially reduced the annual debt service, allowing the apiary to continue its expansion.
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