DENVER, August 25, 2021 / PRNewswire / – Farmland Partners Inc. (NYSE:FPI) (The “Company”) announced the closure today $ 2.1 million a loan to a farmer Michigan under the Company’s credit program (“FDI Loan Program”). The loan is repayable in 2023 with a loan-to-value ratio of about 65%. This loan unblocked the farmer’s equity capital and was used to refinance the farmer’s existing credit lines.
Under the FPI loan program, the Company leverages its existing infrastructure to rapidly underwrite loans to meet the financing needs of borrowers, allowing farmers to generate liquidity from land capital, which is often not available to farmers due to traditional lending practices. The company expects borrowing farmers to use the loan proceeds for a variety of purposes, including expanding operations, improving working capital and supporting generational transitions. The FDI loan program is expected to continue to complement the Company’s current business of acquiring agricultural land and leasing it to farmers. Under the FPI credit program, the Company aims to obtain loans from USD 500,000 approximately 10 million dollars…
“We are happy to help with this Michigan the farm family refinances its balance sheet. Although the agricultural economy is strong, we believe the Company has the ability to provide lucrative debt financing to high-profile borrowers, “he said. Paul Pittman, CEO of the company.
For more information please contact Rich Keck v [email protected]…
About Farmland Partners Inc.
Farmland Partners Inc. is an in-house real estate company that owns and seeks to acquire high quality farmland in North America and provides loans to farmers secured by farm real estate. As of the date of this release, the Company owns and / or operates approximately 161,000 acres in 16 states, including Alabama, Arkansas, California, Colorado, Florida, Georgia, Illinois, Kansas, Louisiana, Michigan, Mississippi, Nebraska, North Carolina, South Carolina, North Dakota and Virginia… We have about 26 varieties of crops and over 100 tenants. The company has decided to be taxed as a real estate investment fund or REIT for U.S. federal income tax purposes starting with the tax year ending. December 31, 2014… Additional Information: www.farmlandpartners.com or (720) 452-3100.
This press release contains “forward-looking statements” as defined in federal securities laws. Forward-looking statements can usually be defined using forward-looking terminology such as “may,” “should,” “might,” “would,” “predicts,” “potentially,” “continues,” “expects,” “anticipates” , “Future”, “intends”, “plans”, “believes”, “estimates” or similar expressions or their negations, as well as statements in the future tense. Although the Company believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, beliefs and expectations, such forward-looking statements are not forecasts of future events or guarantees of future results, and our actual results could differ materially from those established. forward in forward-looking statements. Some of the factors that could cause such a difference include the following: general volatility in capital markets and the market price of the Company’s ordinary shares or Series B preferred shares, changes in the Company’s business strategy, availability, timing and allocation of capital, The ability of the company to refinance existing debt when maturity or before maturity on favorable terms or in general, availability of qualified personnel, changes in the industry, interest rates or the economy as a whole, adverse events related to crop yields or crop prices, the degree and nature of the Company’s competition, timing, price or the number of repurchases, if any, under the Company’s share buyback program, the ability to make acquisitions or divestitures by contract, and other factors described in the Risk Factors section of the Company’s documents. Annual report in form 10-K for the year ended December 31, 2020, as well as other documents of the Company to the Securities and Exchange Commission. Any forward-looking information provided herein is made only as of the date of this press release and the Company assumes no obligation to update or revise any forward-looking information to reflect changes in assumptions, unforeseen events or otherwise. …
SOURCE Farmland Partners Inc.