Tobacco has been the backbone of the agricultural industry in North Carolina for centuries; in fact, North Carolina ranks first in the US for tobacco production. Our borrower has been farming his entire life. He grew up farming tobacco and swine with his father and knows the ins and outs of making a good crop. Along with his son, the duo approached AgAmerica to consolidate debt and refinance an existing mortgage, giving them greater payment flexibility. Additionally, the sought a revolving line of credit for operating capital and to add a center pivot to irrigate the farm land.
AgAmerica’s 10-year interest only line of credit was combined with a term loan to create a “two pack” loan solution. The borrowers are now able to purchase and plant over 140 acres of tobacco annually. With their custom loan package to support the operation and each acre yielding around 2,100 pounds of tobacco, this farm is well prepared to make the transition to the next generation.
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