Cannabis Lender Highlight: MN, FL and WI Operators Take Note of this Great Traditional Lending Option!
Superb Traditional Lender Option for Cannabis Operators in Minnesota, Florida and Wisonson
Every once in a while we on-board a new cannabis financing option with incredible programs we just have to share immediately.
Last week was one of these times and we are excited to report great options for financing real estate, equipment, working capital or a line of credit!
What Makes this Cannabis Lender Different?
Traditional lenders include banks and credit unions and they usually have the best cannabis financing rates and terms.
What makes this lender very unusual is most traditional lenders don’t finance equipment, unsecured capital, second positions on real estate or startups.
This one? Programs for all the usual financing needs and then some!
They can even provide stock and insurance loans for strong personal guarantors that want to leverage them to help get approved.
What Types of Cannabis Loans do they Offer?
Cannabis Real Estate Purchase Financing
Purchase or refinance your cannabis property. Fund property renovation and ground up construction.
- 6%-11% rate window *at this moment, subject to change
- Up to 75% to 80% loan to value
- $100K to $22M
- 5-10 year term with 15-30 year amortization (sometimes longer)
- Rural areas OK
- Open to second positions in the right scenarios
Purchase new equipment or refinance equipment you currently own.
- 6%-11% rate window *at this moment, subject to change
- Up to 75% to 80% loan to value
- $50K to $22M
- 1-7 year terms
- Finicky on cultivation equipment valuations
- Some equipment types may require higher down payments
Cannabis Working Capital Loans
Multi year cash term loans offering flexible capital for operations.
- Rates starting at 8.5%
- $50k-$22M
- 1-3 year terms
Access a revolving capital with interest triggered when drawn with no collateral needed.
- Rates starting at 8.5%
- $50K-$22M
- 12 month revolving term
- Need to be paid in full once per year
Note: This lender also does some cannabis business acquisition financing on a case by case basis.
Am I Qualified for these Cannabis Loan Programs?
There are some requirements in order to qualify for this type of lender, especially if you are a startup.
- Must be located in MN, FL or WI
- Startups OK but will require very strong personal guarantors
- Debt service coverage ratio for some products require a minimum of 1.2
- Will require you bring your primary operating account to them
- Personal guarantors required for all loan products by all owners
- Rural property is OK but not always a guaranteed yes
- Lines of credit will require high net worth personal guarantors
- Some loans will take a bit more time (traditional lenders are not typically built for speed)
Want to see if you qualify for this cannabis lender?
Contact us today to schedule your no-obligation call to walk through your project, confirm you qualify for the program and prepare to engage our lender.
About the Author: Daryl Eames is the founder of Loanviser and the NH Cannabis Association. He has advocated for cannabis legalization in the state of New Hampshire and has deep experience in cannabis business loans and cannabis merchant processing, servicing the cannabis industry since 2019.
