Cannabis Lender Looking For Seasoned Operators Is Still Lending
This lender is looking at obtaining a select handful of fast-turnaround / “low-issue” loan requests for their cannabis lending program.
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They’re defining these loan requests as:
- Refinancing of a landlord-tenant property or owner-user property with at least 6 months of operating history at the site for the licensed cannabis operator
- Purchase finance of a sale/leaseback transaction where the seller will be the tenant and has occupied and operated a licensed cannabis business at the property for 6 months
- Purchase financing for an existing licensed cannabis tenant who is exercising an existing purchase option or wants to negotiate a purchase
- Deal Size:
- $2M – $15M
- Up to 70% LTV
- Based on Non-Cannabis value
- Rate: 9-14%
- With a 5,4,3,2,1% style prepayment
- 1-4pts origination fees
- Term: 5-7 Years
- Non-Recourse with “bad-boy” carveouts
- Property Type:
- All types with non-cannabis alternative use
- Geography: Nationwide
- Both recreational states & medical-only states
- Tertiary markets accepted