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01-04-2022, 05:24 PM #1
- Join Date
- Feb 2021
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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:Last edited by Sundance; 01-05-2022 at 12:30 PM.
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01-04-2022, 06:29 PM #2
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.Last edited by Olderguy; 01-04-2022 at 06:33 PM.
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