North Carolina landowner returns to AgAmerica for custom refinance and 1031 exchange.
Nearly 40 percent of all American farmlands are rented or leased. No one understands the importance of land stewardship more than the farmer who sows the seeds and reaps the harvests year after year. Committed to preserving the American farmer’s way of life in a changing world, AgAmerica is helping farmers go from tenants to owners across the nation through innovative financing solutions that push the boundaries of traditional land lending.
A seventh-generation farmer in North Carolina was passionate about the conservation of agricultural land. Starting his farming career at the age of fifteen on unrented farms in his area, he quickly learned to appreciate the value of productive farmlands and the importance of being a good steward to the land. He had formed a partnership with AgAmerica back in 2017 to tap into his real estate equity and expand his rural real estate portfolio. Over the years, his smart land investment strategy led to the expansion of his potato and grain operation and solidified him as an established member of the agricultural community. He had secured multiple loan notes from different sources to finance his expansion and returned to AgAmerica once again to restructure his debt into a single loan facility.
Admiring his spirit of stewardship and respect for the land that helps sustain the world, AgAmerica consolidated his existing debt into one, easily manageable $6MM loan. Through this refinance, the borrower was able to increase funding by $905K with a minimal increase to his existing payments. Through this restructure and 1031 exchange, the borrower purchased the leased land he had been farming on since 2005 to continue making improvements to the land he loved.
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