Cannabis real estate loan..700k Needed Against 1.2 Million Collateral

Can anyone help me with this?

I have a client that owns a Class C Indoor Medical Cannabis growing facility in Chase Michigan.

Client owns a 16k sqft building that sits on 20 acres. Owned free and clear ( No Mortgage).

Business been in operation just over 12 months and is profitable.

Client needs a loan of 700k which would be used to add another 12k sqft to the building.

Building estimated value: 1.2 million. Fico: 700-800. Client would like to have a loan with min 3yr term.

Loan amount requested: 700k, Client is seeking a loan against the real estate ONLY.

Any help would be greatly appreciated:

sent you a text...have several people that might do this.

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Originally Posted by Sundance

Can anyone help me with this?

I have a client that owns a Class C Indoor Medical Cannabis growing facility in Chase Michigan.

Client owns a 16 sqft building that sits on 20 acres. Owned free and clear ( No Mortgage).

Business been in operation just over 12 months and is profitable.

Client needs a loan of 700k which would be used to add another 12k sqft to the building.

Building estimated value: 1.2 million. Fico: 700-800. Client would like to have a loan with min 3yr term.

Loan amount requested: 700k, Client is seeking a loan against the real estate ONLY.

Any help would be greatly appreciated: PM with contact info if interested or send me a text at 770-595-5560.

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Curious, Am I reading your post correctly 16 sft building valued at $1.2 million ?

Client owns a 16 sqft building that sits on 20 acres. Owned free and clear ( No Mortgage).

Dave: He did that to see if you were paying attention.

Sorry Dave. My mistake, It should have said 16k sqft and not 16.

Thanks for your observation sir.

Cannabis Real Estate Loan Guidelines...

LTV/LTC Up to 65% LTV, not to exceed 75% LTC. No greater than 50% on land!
Interest rates 9% to 15% interest only
Loan Term 12 to 24 to 36 months; fixed term or renewable.
Also 15-year self-amortizing for stabilized properties
Origination fee 3% to 7% of loan amount depending on the transaction, payable at closing
Add broker fee of 3% which I split with broker and paid at closing
Application fee Fee of $5,000 is due with the accepted and signed Letter of Intent. ($10,000 for new construction)
Minimum loan amount $250,000

I need a 1003 (real estate loan application) PFS and credit report.

Bzuniga@omegafund.com
Www.omegafund.com

Quote:

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Originally Posted by Sundance

Sorry Dave. My mistake, It should have said 16k sqft and not 16.

Thanks for your observation sir.

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When all the smoke clears, there is only a few actual lenders that will deal with cannabis real estate.
I broker with a Direct Lender ( Not a Bank) Call to discuss when you have stopped chasing the rabbits.

I got it Dave...have two direct lenders who can do it.

Build outs of cannabis facilities and any CAPEX or equipment associated with this cultivation facility is what Upwise capital does every day of the week. The difference between Upwise and every other firm out there is our years of experience in the cannabis space and our understanding of cannabis valuation. On cannabis facility build-outs we will lend 70% LTV based on the as-completed cannabis value instead of just the real estate value. Give us a call and connect with our cannabis division.

For more information on all the options we offer cannabis operators see below:


https://upwisecapital.com/cannabis-financing/