This sub-participation loan will be used to finance a hydroponics facility located in Texas, including refinance of debt used to purchase the facility, equipment purchases, interest reserve and closing costs. The facility will require no structural changes to be converted to a hydroponics facility, just new equipment. They intend to ramp up production during 2021, with full production being achieved by the end of 2021. One of the founders, has 10 years of experience operating a hydroponics farm. This company will grow leafy green produce but using a hydroponic growth method and a controlled growing environment. The Company will have the ability to produce an average of 3.9 million units of leafy green vegetables per month for an average of 46 million units of vegetables in 12 cycles. The growing cycle is 1 month. In a controlled growing environment, the Company will be able to continuously grow leafy green vegetables year around, giving it an advantage over traditional agriculture growing methods which has a limited growth season. The Company will produce ten varieties of leafy green vegetables including 3 varieties of lettuce, cilantro, chicory and endive, kale, mustard greens, cresses (watercress), arugula, spinach, amaranth, and other herbs.
|Loan Term||17 yrs|
|Participation Availability Amount||$ 3,237,500|
|Minimum Participation Amount||$ 250,000|
|Original Loan Amount||$ 15,000,000|
|Full Loan Documentation||Link|