Stacey and Casey of Fireside Farm are expanding their diversified vegetable farm by purchasing their own property and expanding production on owned land.
Funded on 05/20/2024
This loan will allow Fireside Farm to purchase a 42-acre parcel of land and purchase the deer fencing needed to protect the production areas. This will be Fireside’s new home farm and allow them to build their business with the security of land ownership.
This is the first loan for the development of Fireside's own land. In the future, Steward may or may not lend in a pari passu position for improvements to the land or facilities. Any additional lending will only enhance the collateral value and not compromise the leverage position we maintain.
Both Casey and Stacey have a record of drastically improving the soil health at each farm they’ve tended. They are known for transforming neglected fields into productive, healthy spaces. Some of the practices they employ are:
Strictly organic growing practices (although not certified organic);
Cover Cropping;
Crop Rotation;
Mulching;
Minimal tillage, w/ sections of the farm dedicated to no-till, when appropriate;
A diverse mix of vegetables, fruits, herbs, small grains, cover crop, native and perennial plants are grown on-site, indicating rich plant biodiversity;
Biologically-active compost production occurs on-site, along with on-site hay mulch production;
Heavy mulching of hay in and around vegetable beds lends to an increase in organic matter and minimal plastic use;
Beds are either in cash crop, cover crop (diverse species), or mulched. No beds are left fallow to prevent risk of erosion and run-off into local waterways and the loss of topsoil;
Edges of the farm are not heavily mowed, resulting in habitat creation for pollinators, birds, and other animals.
This loan will be made to Food Camp, LLC, DBA Fireside Farm, a Virginia Limited Liability Company, which grows and sells organically raised vegetables to community members.
This loan will be used to purchase a property in Loudoun County, which will allow Fireside to grow and expand their business on owned land. The loan will also fund a portion of the closing costs and fees as well as a portion of the costs to install a perimeter deer fence, which will be the first improvement needed on the land to prepare the fields for the 2025 growing season. Fireside is contributing approx. 25% of total deal costs from equity. Steward’s total loan amount is $447,000. This is a secured loan with a First Priority lien on all business assets.
The borrower’s interest rate for this loan is 8.5%, with a net interest rate of 8% being passed on to the lender (accounting for a .5% servicing spread). The loan has a 24 month term with interest only payments beginning one month after the loan is disbursed.
This is the first loan for the development of Fireside's own land. In the future, Steward may or may not lend in a pari- passu position for improvements to the land or facilities. Any additional lending will only enhance the collateral value and not compromise the leverage position we maintain.
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