Property Address

Detroit Michigan 48223

Requested Loan Amount

$1,000,000

Loan to Value

27%

Loan Term

36 months

Lien Position

1st

Collateral Type

Commercial Property

Exit Strategy

Other

Collateral and Loan Details

Commercial Property Type

Industrial

Industrial Property Types

Manufacturing

Cannabis Business

Yes

Cannabis Use

Cultivation

Number of Units

1

Current Occupancy

Owner Occupied

Current Occupancy Percentage

100

Loan Type

Refinance

Square Footage

18,250

Current Market Value

$3,600,000

Existing Mortgages

1st

Mortgage 1 Balance

$268,000

Equity Cash Out

Yes

Equity Cash Out Purpose

Business Working Capital

Have Appraisal

No

Will additional properties be collateralized?

No

Property Photos

Borrower Entity

LLC

Borrower Credit Rating

Good

Exit Strategy Details

Cash from operations

Comments

Key Merits of the Transaction:

• Conservative LTV of about 27%, based on an estimated market value of $3,650,000 ($200/square foot)
• Centrally located project on the west side of Detroit, MI with excellent access to I-96, a major expressway running east-west through central Michigan.
• Well-built and maintained building with masonry construction. Built in 1961 with extensive remodeling in 2020. Located within a Green Zone.
• The loan closing will be subject to the receipt of the final certificate of occupancy as well as an appraisal and environmental report satisfactory to the lender. No construction draws will be required.
• Strong guarantors with a combined liquidity of $770,000 vs. a loan request of $1,000,000.
• Strong demand for cannabis in Michigan.

First Name

Judy

Last Name

Rinkus

Phone Number

(248) 229-0420

Company

Seed To Sale Funding

Role

Mortgage Broker

Location

Troy Michigan USA

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