BF Funding, LLC
Raised $2,075,000
12% Senior Secured Notes
-
BF Funding, LLC was a single purpose entity whose sole purpose was to purchase Corn from Boersen Farms, Inc. and affiliates ("BFI") using the proceeds of this loan. As the loan was invested in by investors, BF Funding, through a Corn Sale and Purchase Agreement, was to continually purchase Corn inventories from BFI at a price per bushel determined at the time of each purchase, as well as to separately acquire hedging contracts, purchased on its behalf by Carolina Financal Group ("CFG") using the funds from this offering, at the time of each purchase.
-
Upon each Corn sale to BF Funding, BFI would receive a repurchase option for the Corn at a price premium equal to the Corn purchase price plus a 12% annualized interest rate, hedging costs as well as certain closing, administrative and contingencies.
-
If, as it turned out, BFI did not repurchase the Corn at any time, BF Funding would unilaterally sell the Corn on the commodities market.
A single purpose entity, BF Funding, LLC, issued $2,075,000 to purchase Corn from Boersen Farms, Inc. and affiliates.
Securities sold by affiliate, Carolina Financial Securities, LLC.
