Marion County, OR – $767,000
This loan was to a Oregon dairy farmer who had recently converted his dairy to organic – a three year process. Although he now has substantially better income, there were problems he needed to take care of. We were able to refinance the property based on projections, supported by one year of increased revenue verification, with sufficient cash to take care of those problems. This transitional financing will allow the borrower to generate the cash flow history necessary to refinance with his bank.
After ReProp and the appraiser made independent site visits, we funded a loan prior to obtaining the appraisal. This allowed the borrower to take care of his pressing needs, and we advanced additional funds after receipt of the appraisal.