Successful, repeat Mortgage Vintage borrower and business owner, operator and real estate owner of “Stay Elevated LA” cannabis brand and existing cultivation center in Van Nuys, Los Angeles sought a 1st Trust Deed business purpose cash out loan on this entitled land in Adelanto, San Bernardino County, CA.
Borrower’s “skin in the game” to date on subject property is $537K between land purchase, civil engineers, architects and cannabis licenses to prepare land for a 25,000 SF pre-engineered tilt-up building. The use of funds from our loan will be to finish plans, grading permits. Borrower has already paid in full for the 25,000 SF Tilt Up building that will be permanently affixed on land once permits-plans are complete.
Photo shown here is a model of the pre-engineered building borrower has purchased and is in storage.
Borrower’s exit strategies: construction loan or pay off through business proceeds.
In addition to Borrower’s cannabis real estate cultivation centers, borrower’s StayElevated LA company is a premium brand of craft cannabis retailed in California dispensaries and home delivery. StayElevated won 1st place and 2nd place in 2021 for award-winning product in the “The Farmer’s Cup” cannabis competition.
The subject property is a 1.40 acres rectangular lot that is well-located next door to the Adelanto Fire Station, in the heart of California’s cannabis industry growth center in Adelanto CA, next to the Southern California Logistics Airport also known as “Victorville Airport” a large commercial use airport designed to provide major corporations with logistics needs, access to a global gateway to the Western United States. Located also near Interstate 15 FWY. and the city of Victorville.
What we like about this Trust Deed opportunity:
- Performing MVI borrower
- Very experienced cannabis business owner and operator
- 14.50% Investor Yield
- 15.00% LTV / 13.80% Net LTV
- 6 months guaranteed interest
- 6 months prepaid interest
- Legally permitted/licensed cannabis business
- $2,584,000 Gross Protected Equity