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3 Tips To Get Approved ForA cannabis property loan
The cannabis industry is booming and folks are starting to obtain more comfortable investing in it. Cannabis-related investments, such as a property that is leased to a cannabis business, could be tricky to finance.
Banks don't want to provide loans for these types of properties due to the current conflict with federal law, which makes financing hard for these properties. Luckily, you will find ways for this issue. Listed here are three recommendations on how you can get approved for a real estate loan for the cannabis-related business.
Find A Qualifying Investor
When attempting to finance your cannabis-related property, one option you might want to take into account is locating a qualifying investor. A qualifying investor is somebody who has the financial resources and equity in the organization that can help you get approved for a cannabis property loan.
For example, if you were trying to purchase a property for a cannabis business, you could see an investor who would be willing to hold 20% of the price provided that they are able to secure an 80% mortgage with the lender.
Have A Landlord That Will Accept The Loan
The first step is to discover a landlord which will accept the loan. Many landlords are hesitant to take on a mortgage for home with cannabis activity because of the current conflict between federal law and their state legislation. However, some landlords are more comfortable providing a loan for these kinds of properties because they have other income to arrive from the property and the danger is reduced.
Get A Letter Of Intent From Your Lender
One method to get approved for a loan is to acquire a letter of intent from your own lender. This letter will state the terms of the loan and enable you to negotiate along with your lender at a later date. Once completed, this document is going to be submitted to the financial institution for review.
If you cannot get a letter of intent or when you have doubts about if it will soon be accepted by the financial institution, try having an alternative financing guideline such as "Grower's Loan" or "Bud Bill of Sale." These methods will also be useful in obtaining cannabis-related financing.
please visit the website at greenbenchcapital to get the more information about cannabis sale-leaseback.
Read More: http://greenbenchcapital.com
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