Project 8 – Loan to purchase farmland
Brad and Rickie Jespersen, local feedlot operators in the Anselmo area, produce premium quality beef through a long-term intensive feeding regime.
Their beef is sold at their retail meat shop in Whitecourt, as well as to upscale restaurants and grocery stores in Edmonton.
All of their animals are processed at Sangudo Custom Meat Packers.
For many years, Brad and Rickie had been renting several pieces of farmland for their farm operation. The owner of the land decided to cancel their lease and sell the land, with a short timeline.
Oh no. Now what?
SODC and several members provided bridge financing to help them close the real estate transaction. Simultaneously, SODC began raising capital from new and existing members. This money was used to pay out the bridge financing and establish a new investment loan, secured by a mortgage on the farmland.