Arranged a $2,656,552 term loan at 7.1% interest with a 25-year amortization for a 22,508 sq.ft. industrial building used for legal cannabis production in Bolton, Ontario, replacing a high-interest private loan and enabling an equity takeout.
Foundry Mortgage Capital is pleased to share that we have arranged a term loan of $2,656,552 at a 7.1% interest rate with a 25-year amortization for a 22,508 sq.ft. multi-unit industrial building used for legal cannabis production in Bolton, Ontario, through an institutional lender.
The proceeds paid off the existing mortgage with a private lender, who charged 10% interest on an interest-only loan, and funded an equity takeout. We appreciate our client for entrusting Foundry Mortgage Capital with their refinance.
Despite the legalization of cannabis, many landlords and owner-operators still face challenges accessing institutional financing. Congratulations to Akshay Gupta for successfully helping the client secure a low-cost, amortizing refinance with an institutional lender.
If you are a landlord with tenants producing cannabis, or an owner-operator of legal cannabis grow operations or retail stores, contact one of our team members today.
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