Purchase & Rehab Bridge Loan for Cannabis Industrial Property in Las Vegas, Nevada

Deal Details

Private Loan Type

Commercial Property Value Add

Approx. Funding Date

08/30/2019

Property Type

Cannabis Grow Facility

Industrial

Property City

Las Vegas

Property State

Loan Term (months)

Lien Type

1st Mortgage

Payment Type

Interest Only

Loan-to-Value

65%

Building Square Footage

64,768

Interest Rate

8.25%

Deal Highlights

As with almost all of our deals, the Sponsor did not have to personally guarantee the loan.

8.25% interest rate, 65% LTV, and 12-month loan term.

Deal Summary

Archway Fund, a direct private mortgage lender, provided a $6,400,000 1st lien position non-recourse bridge loan for the acquisition of industrial property in Las Vegas, NV. The property size is 64,768 square feet. The Sponsor needed a quick bridge loan for the purchase but also needed funds to renovate the property. They wanted to build out the warehouse for a cannabis tenant. Archway was able to get comfortable with the Sponsor’s intention to lease the property to a cannabis cultivation tenant. The interest rate on this bridge loan was 8.25%. The LTV was 65%, and the loan term was 12 months. As with almost all of our deals, the Sponsor did not have to personally guarantee the loan. This bridge loan was funded in August 2019.