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Preferred Bank
Bank Debt For Cannabis Properties
We Have A Bank Lending On Cannabis...
I don't think I need to tell you how big this news is. We've been working hard over the last several years waiting for the day that banks start looking at the cannabis industry and it's finally starting to happen.We've closed deals in the past with pricing at 17% interest, and while that may sound like a lot it got the deal done when no one else would do it. Now we have a bank that is offering bank rates on cannabis commercial real estate and they'll even provide construction loans.They haven't been in the cannabis space for very long so their criterium is still very exclusive but they're lending out money at 5.75 - 6%, 3-5 year term, and amortized over 25 years with no max loan size! Right now they're only interested in deals in California and the NYC tri-state area. However, they will do construction financing and will consider Palm Springs and Desert Hot Springs in CA.If you've been waiting for competitive rates on cannabis loans NOW is the time. Check out their criteria below and give us a call if you have a deal.They're looking for:
Deal Sizes:
$4M - No Max
LTV:
Up to 65%
Based off of the non-cannabis value
Interest Rate:
5.75-6%
Term:
3-5-years
Amortized over 25 years
Geographics:
Infill locations only
CA & NYC Tri-State only
Will consider Desert Hot Springs & Palm Springs
Very "borrower driven"
Property types:
All types
Will do construction
Recourse required
If you have a deal that meets these criteria, then we should talk. Click the button below or shoot us an email and let's get started today!
P.S.
If you're brand new to the EN Capital newsletter; each week we promote a new capital source for a variety of commercial real estate properties. So if the above lender is not relative to you, the chances are high that we'll have the perfect capital source for you soon.
P.P.S.
EN Capital is a commercial real estate mortgage brokerage shop.
We are not direct lenders.
P.P.P.S.
If you have a commercial real estate deal, unrelated to the above, that needs capital right now reach out to us and let's chat!
Be sure to connect with EN Capital on Linkedin. and visit our website here.
Connect with EN Capital President, Nate Whigham on Linkedin Here
Connect with EN Capital Associate, Justin Ashcraft on Linkedin Here
Nathan WhighamPresidentCA DRE Broker License: 01793655EN Capital Contact Info:www.encapital.com[email protected]Justin Direct Line: 323-521-4766